The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: michael	2/7/2005 1:24:32 PM
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Another real estate investor sues his builder when prices go down: latimes.com Quote from article: "Just ask D. Sidney Potter. Having realized profits from selling other recently built homes in the Inland Empire, the Los Angeles real estate investor bought two houses in Forecast's Hidden Meadows community in September. He paid $471,999 for a 3,000-square-foot model and $461,240 for a slightly smaller one. After Potter signed the purchase documents, Forecast started advertising the same models for $27,000 and $34,000 less, respectively. "Some of the Inland Empire builders, not just Forecast, got ahead of the market at the end of last summer when properties weren't moving as fast," said Potter, who described his Hidden Meadows investments as adding up to "paper losses at this time." He's trying to get the company to refund the difference. So far, the two sides are at an impasse. And the company has since altered its purchase policy to keep short-term investors at bay."

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