property disaster off-the-plan.

[westminster]

The money has been used to fund expenses such as administration costs, development approval extensions, valuations etc.

We are still talking about a vacant block of land with a fence around it. Not a cubic centimetre of concrete has been poured.

44 people have put in $30 000 to fund this development.

I should hope that there is some money left.

You would be surprised how much money is needed for engineering, council, architects etc which the money could possible be used for if allowed out of the Trust.

The situation really sucks for you. That contract is very in favour of the Developer and not all OTP are that screwy. I'd be very upset but if the contract allows it, then it does. Find a good solicitor to advise.

 

[Arnoldus]

The money has been used to fund expenses such as administration costs, development approval extensions, valuations etc.

We are still talking about a vacant block of land with a fence around it. Not a cubic centimetre of concrete has been poured.

44 people have put in $30 000 to fund this development.

I should hope that there is some money left.

There's no fence around it, and it's become a bit of a dumping ground (ute tray, old lounge, overflowing skip which someone has forgotten about), overgrown with grass etc.

You have my sympathies, 30k is a *lot* of money when you think you may never see it again. I know a few locals who are seriously out of pocket and nearly went to the wall on this project. It's not much consolation, but I'd be thinking you'd be more than 30k in the hole if the project was to be completed. IMO you'd be lucky to get 300k on them now methinks, nowhere near the 415k sticker price that was being advertised.

 

[Neil Richardson]

What Arnoldus said unfortunately.

There were many stories of folks walking away from deposits on other projects rather than take the hit.

I know nothing more on this development. However I do know things are slowly starting to look more promising around Emerald.

 

[jerrybee]

It's not much consolation, but I'd be thinking you'd be more than 30k in the hole if the project was to be completed. IMO you'd be lucky to get 300k on them now methinks, nowhere near the 415k sticker price that was being advertised.

I think this is the best way to look at it. You just "saved" ~85k and learned a LOT. I think you can also use it to offset future CG too?

 

[datto]

McC- sorry to hear about this. Is there any insurance policy, either govt or private that can assist you in this matter?

Deveoper probally has a myriad of insolvent shelf companies from which the money has been swallowed up. Hope everything works out for you McC.