A contract error may keep condo buyers from moving into the Water's Edge. The condo towers are one of the Bay Area's most luxurious projects. Owners are in line for a full refund.
Federal law requires HUD to be provided with a property report detailing the project. Lawyers for the project felt that the language in the original contract did not have enough clarity. 109 of the 153 units have been sold since going on sale in 2005. Owners can still move in approximately eight months from now at a discount or get paid to walk away.
The error came as a shock to city officials who were hoping that the project would help revitalize downtown Clearwater.
There are three condo projects set to open in downtown Clearwater in 2008 and 2009.
"Surprise obviously that the law firm had made a mistake on the contract and then obviously some dismay but um... the more that I've thought about it and talked to other individuals I think that maybe we'll squeeze out some of the speculators and hopefully get permanent residents faster than we normally would," said Frank Hibbard the mayor of Clearwater.
Source : http://www.tampabays10.com/
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