It’s official. I’ve hired a lawyer to help me get out of my contract at Toren. Just one year ago I was bursting at the seams at the idea of owning a piece of real estate in New York City, and now I am sitting here, tail in between my legs, desperately hoping to get my deposit back.
It’s not that I’ve had a change of heart. I haven’t. But things in my life have changed and taken a dramatic turn for the worse.
What Toren looks like one year after putting my deposit down.
For starters, two months after I put my life savings down and signed a contract at Toren, the credit crisis this country is currently steeped in just began to rear it’s ugly head. What’s more, in May I was reduced to half time at my job – a sign that the start-up Internet company I work for, is not doing well.
Myself and a group of buyers from the Toren joined forces to lobby the sponsors to reduce the prices of our condos to refelct current market rates. They relented and now I have but no choice to hire a layer who will look for loop holes in the offering plan and solicit the New York State Attorney General for the return of my down payment.
Life was different one year ago. I was newly married, gainfully employed and the future looked bright. I knew it was risky business buying a new construction condo that could take one year or more to build, but I could have never predicted this economic downturn. Not even the best of Wall Street’s analysts could.