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Pure, 24 S Morgan St, is shaping up to be a classic shaggy dog story. See the comments on our most recent post.
I’ve just heard from a source close to the project that the bank-owned Pure LLC is advising buyers who thought they had a bargain that it is unable to deliver clear title to the contracted units. Punch line (for now): no deal.
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So how does the building sell its units? I was one that was told that I was late for the bargain units. I guess if its too good to be true then its not true.
Joe, thanks for the update. So all the units have issues? Or did any of the contracts make it to closing?
mimi,
My source says none of the contracts will close because the lender is unable to deliver clear title at this point.
what is the real story? The units have been re-activated on the MLS for about than $110 thousand more than the so called discounts they offered one short month ago. Are those titles cleared up already?
mimi,
There’s a tangle of litigation involving the project, and that’s unlikely to be resolved quickly. That said, litigation can be settled quickly if the parties concur.
It’s not uncommon for units to be listed in the MLS when the seller is unable to close on them.
I was one of the people who received a signed contract back from their attorney. They kept extending the contract review period. I did not approve their request to extend it until 6/12 (today) because my attorney found out there was a pending suit involving the ex bank president, and liens against the building. I believe that the owner is also one of those banks which was taken over by the FDIC. This building has a lot of problems. In my opinion, if they do not have money now to finish the common areas (exercise, party etc.), the buyer is taking a huge risk. I also heard that the reason that there is no exercise equipment is because it was repossessed. Still haven’t gotten my Escrow back. This is a nice building, but has way too many problems.
Hi MK.
Curious to know if these guys ever refunded your escrow funds ?
Val:
Yes, but it took well over a month. I also had to put pressure on them.
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