Soho Wellington

[Charber]

Anyone aware of an owner group getting together to challenge contracts on basis of how these contracts were sold?

[landlord1990]

Have not heard anything

What have you heard?

[BusyLizzy]

Hi Charber - and welcome to the forum.

There has been a fair bit of discussion here about Soho apartments:

http://www.propertytalk.com/forum/showthread.php?t=25225&highlight=soho

I haven't read it all but you may find what you are looking for there.

[Charber]

charber

thanks Lisa,I will have a look to see what i can find.

[Charber]

charber

What have you heard?

Have heard nothing as yet, But i feel many may be looking to try to get out of what seems a watertight contract.

[Bob Kane]

... to challenge contracts on basis of how these contracts were sold?

But i feel many may be looking to try to get out of what seems a watertight contract.

What's your beef?
Why would you want to get out of the contract?
Were you misled/misinformed or are the apartments not what you expected?

[Charber]

Several people were given incorrect info by sales reps. one person was guaranteed that the price would never be cheaper. Her appartment on completipn was $43,000 less.
I dont realy have a problem, i just posed a question.
Charber.

[Mort]

Soho

We have been trying to find a support group also. We were completely mis-informed and were told that the most we could loose would be $1000, it turns out the agreement we signed was pretty much uncondtional on the day we signed it despite the fact that we were told it was subject to finance and market valuation. The real estate agent pushed us in to using their lawyer who has also failed us. The way that the contracts were sold and signed were completely wrong. We have put our current properties and assets on the market in an efford to avoid bankruptcy but its not looking good for us at this stage so we stand to loose everything we have worked hard for

[Charber]

It would appear you were spun the standard line.Not a good look for Conrad is it?
It will be interesting to see how they treat their customers further down the line, My pick is that they will be unrelenting.

[arniew]

In an earlier post I explained that I bought a Soho apartment through a property investment company. In retrospect I was very naive, but I thought I would be able to rely on the 'experts' to provide me with an investment which would put me in good stead for me for retirement years.

After reading the threads about Soho and Conrad, and having viewed the apartment I bought, I am scared....very scared! It will not hit me for a while, as the contract I signed gives me a 2-year guaranteed rental income which is, incidentally, much higher than what the current tenants are paying. So it has not really hit home yet with me, but in a couple of years I might feel as if I have bought a leaky home. I believe that, despite a valuation by Darrochs which is higher than the purchase price, I will lose an extremely large amount of capital value.

However, the lawyer went over the contract with a fine-toothed comb and in my instance I doubt if I could find anything untoward about it. My beef is that the investment company knowingly put me on to this, but, at the end of the day, I can only blame myself for putting too much trust in them and not doing my own research.

[Charber]

Hi Arniew, I do hope your valuation is recent, as the trend appears to be in the other direction. Good luck.

[arniew]

Yes, Charber, the valuation is only a few weeks old. Ironically BNZ gave me a small list of the names of a few valuers I could choose to use, and Darrochs was one of them.

[arniew]

My post above is probably a bit meaningless.

What I had intended to convey was that BNZ's list of valuers I could use included Darroch. Subsequently I found out that Darroch had already been given the task of doing valuations for the Soho apartments at no cost to the purchaser. It was obviously a requirement of BNZ for me to have this valuation in order to attain the loan.

[Charber]

I am pleased that things look ok for you. If you hang in there you will be right.It seems though that many have lost a lot on recent valuations and cant complete there obligation to finalise their contract. They stand to loose a lot.

[Bob Kane]

After reading the threads about Soho and Conrad, and having viewed the apartment I bought, I am scared....very scared! It will not hit me for a while, as the contract I signed gives me a 2-year guaranteed rental income which is, incidentally, much higher than what the current tenants are paying. So it has not really hit home yet with me, but in a couple of years I might feel as if I have bought a leaky home. I believe that, despite a valuation by Darrochs which is higher than the purchase price, I will lose an extremely large amount of capital value.

Your assessment is correct.
Those apartments that sold for $350k will be worth about $200k in two years time.
Do you sell now for a modest loss or wait two years and sell for a large loss?
Or keep it long term and prop it up for a long time?