W South Beach: Trouble in Paradise

Real Estate Blog Article

Wednesday, March 17, 2010

Are there problems afoot at W South Beach?  One of the most popular Miami Beach condos has run into a bit of trouble, not necessarily because of financial concerns but due to what some existing buyers feel was a lack of full disclosure on behalf of the developer.  What's going on behind the scenes in a building that's otherwise a success?

There are several buyers at W South Beach who are now attempting to have the money they used as a deposit returned to them.  Many feel that the developer failed to mention the availability of additional and larger Miami Beach condos within the building and the fact that a proposed second pool never happened.  In other words, there seems to be a bit of deception going on and some legal actions have now been enacted due to these problems as well as the developer's failure to mention some discrepancies between what was promised and what was ultimately received by the buyer.

It's interesting that W South Beach has only managed to close on 42 of the 408 units within it even though it's arguably considered among the hottest Miami Beach condos in the city.  Thankfully the building hasn't succumbed to foreclosure as some other buildings have but it does show how tough it is to get units sold in the existing climate and the importance of full disclosure.

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