Teamtrim, sorry to hear that you purchased at Verano. There’s not much you can do now, except sell and hope to recoup your money. Otherwise you can stick-it out there until the next boom (who knows when that might be). I guess if you like it there, then that’s OK.
Another alternative, would to be to sell at a loss then wait to buy a nicer unit at a lower cost later. The market is still fairly high now. Of course, with this last option, there’s no guarantee. It all depends on your situation and what you want. How long do you plan to stay at Verano?
Yes, Verano is nice if you don’t look closely. The rails at the pool are rusted (paint applied on top of rust). There’s no air conditioning, the cabinets in the kitchen are just slapped in, the windows have not been replaced… It appears to me that the conversion was no done well at all. The problem with nice and not so nice units is that with any track development, it’s the $ per sf that drives the comps upon resale.
How about getting the buyers together to sue the developer so they can fix any defects before they ride into the sunset? Remember, condo owners will be stuck with maintenance problems that are not fixed now. While Crescent Heights is the marketing umbrella, the development is owned by some LLC. That would limit Crescent Heights’ exposure.
