Comments on: Ibiza Condos Turning into Apartments

By: Columbusite

Columbusite — Wed, 07 Jul 2010 17:01:24 +0000

Funniest Dispatch article I’ve read in a while.

http://www.dispatch.com/live/content/business/stories/2010/07/06/condo-plan-replaced-as-investors-keep-suing.html?sid=101

By: deraj1013

deraj1013 — Sat, 13 Feb 2010 15:10:27 +0000

From the Columbus Dispatch…

Condo depositors file suit

Project’s failure muddies waters

by Jim Weiker

The developers of the planned Ibiza condominium complex in the Short North are facing the first of what could be several lawsuits over the project’s failure.

By: Walker

Walker — Tue, 02 Feb 2010 23:02:16 +0000

I would assume that’s still part of the development plan.

By: DawonHawkins

DawonHawkins — Tue, 02 Feb 2010 17:56:00 +0000

Wasn’t there supposed to be a partnership with this development and the city to co-build a parking garage? Just curious where that landed.

By: AJMAC25

AJMAC25 — Mon, 01 Feb 2010 17:10:40 +0000

Nothing to see here. Move along. Lets make a real use of the property and turn it into a nice dog park.

By: cc

cc — Sat, 30 Jan 2010 16:05:19 +0000

Wow….if that is the contract then I hope they get what is coming to them.

By: monadnock

monadnock — Fri, 29 Jan 2010 23:46:23 +0000

Read the contract. They spent the money illegally. Get a lawyer sheeple!

By: buckeyecpa

buckeyecpa — Thu, 28 Jan 2010 00:11:09 +0000

If the agent knew the project was going to unfold and held that back then yes the agent is liable. I never said they were free on that. I said proving any knowledge (up until the announcement most involved were still scrambling to pull this off) would be very hard. I’m also a licensed agent (really who isn’t these days, right?). I’m an accountant that works in the real estate/development industry. I have nothing to do with this project or the Jackson but I’m very familiar with developments of this nature.

Simply speculating that the agent had knowledge is not fair at all. Also, we don’t even know the story with this agent. Often times as you should know people believe the agent holding the listing is the agent that helps the buyer.

This project was a developers project. That’s why you see the different names; ARMS/APEX. A developer isn’t required to handle deposits as earnest deposits. The contract is not a standard purchase contract. The same if you were to go to Harrison Park. You go in, sign the papers and your agent really has no room to work with and sometimes isn’t even entitled to compensation from the developer.

The agent has fiduciary duties but we don’t know the whole background on this deal. Even as a buyers agent, everyone knew this project was struggling but not telling a buyer that doesn’t put you in a legal bind. Developer’s projects are buyers beware type deals unfortunately.

By: Mez

Mez — Wed, 27 Jan 2010 23:33:52 +0000

Buckeyecpa- Being a Licensed agent and a member of NAR, I have to somewhat disagree with your statement. The agent involved would have liabilty if they knew that the project was dead and did not pass this information on to ALL buyers. This is part of the code of ethics that we must treat all parties fairly and honestly. Also, we must disclose any Material fact about a property that may have an adverse impact on a buyer’s decision even if a developer/seller wanted us to conceal or not tell people about it. This is like a seller telling you a racetrack is proposed in their backyard and and then the agent not telling prospective buyers about it.
I have not seen the contract but I would hope that the money was put into a trust account of some sort.
I do agreee that the Agent also lost out since they potentially worked for nothing. But they may have been paid differently based on reservations amd then again when it actually closed. we just don’t know and probably will never know.

Back to the project….I hope that they come up with a development that will work along with the parking. As I remember the whole rezoning for the denisity required that there be a garage for public parking.

By: Mod-dude

Mod-dude — Wed, 27 Jan 2010 23:18:13 +0000

Not to beat a dead horse here, but I thought the project included a pretty sizable parking garage too which would generate additional income. On top of that, the commercial spaces should fetch a pretty sizable rent. Doesn’t a bank look at these numbers before loaning this kind of money to make sure it holds true and will be viable, including an appraiser who would verify the information? Again, no one really knows what the finances are truly going to be, even if you think you can figure it out on the surface. They sort of have to prove their numbers before getting that kind of money lent to them.

And I agree with cc, if it doesn’t pan out in the long run, someone will swoop in and get it for a steal, at a price that it will be successful for the new owners. The only people who will be out then are the developers and the bank. Us everyday citizens might not even notice much of a hiccup if that were to happen. :-)

By: buckeyecpa

buckeyecpa — Wed, 27 Jan 2010 22:58:18 +0000

urbanadvocate, It’s easy to want to blame someone. Seeking legal action or even internal action through the board will not get you far unless you have proof. Everyone believed in this project at one point or another. There was never intentions on stealing the good peoples hard earned money.
The realtor ultimately had nothing to do with your loss. If you were working with a broker representing both parties that is a risk you are taking. This is why you should always get an outside agent to work with you on any deal. So then you have no reason to question this agent. I hope you don’t plan to ever slander this agent because of this project. They didn’t receive any commission for it since the sale was never finalized. The agents time and effort on the deal screwed her too.

By: InTowner

InTowner — Wed, 27 Jan 2010 16:56:28 +0000

@jpizzow Please no InTowner, not another brick building!!! This isnÃ¢â‚¬â„¢t the Arena District. While I agree with you that the Arena District is at times a bit bland, I don't think it's because it's mostly brick. Brick is an amazingly versatile material. It comes in various colors, sizes and textures. Beyond the diversity of the material itself, the possible patterns are virtually limitless. Most of the houses in the Victorian Village are brick and no two are quite alike. Also, look at the block of brick buildings from 1st to 2nd Avenues on the east side of High St. All of these buildings are brick, yet each has its own unique personality. I like stone, tile, steel and glass as much as the next person, but brick is both cheap and versatile. In the right hands, it can be used to create a truly profound architectural effect. If this developer wants to create a lovely, unique addition to the streetscape without breaking the bank, I think he'll do well to consider using brick creatively.

By: Walker

Walker — Wed, 27 Jan 2010 16:34:44 +0000

columbusdreamer Says: thats a commercial space. Not a mixed use space. Commercial is totally different than residential

Most of it is commercial… but there is one two-story residential penthouse for rent on the 43rd and 44th floors. And it could be yours for only $3,300 per month! ;)

http://www.metro-rental.com/TheLeVequeTower/default.htm

By: urbanadvocate

urbanadvocate — Wed, 27 Jan 2010 15:13:04 +0000

It is clear that the developer no longer has my deposit. I am not optimistic about ever having it returned to me since the developer has a reputation (one they have earned) for not paying their bills and for always taking care of themselves first. I am a fool to have ever believed the ending would be different.

What responsibility did my Realtor have in this situation? I am represented by the Realtor who also represents the developer/seller. A member of that Realtor group is married to one of the developers. They must have all known what was going on all this time. Don’t you think my Realtor had a responsibility to inform me? I think there is a serious ethical issue with all of this. Perhaps my best chance at getting my deposit back is to seek legal action against the Realtors who were inside this deal all along.

By: cc

cc — Wed, 27 Jan 2010 14:02:43 +0000

My comments were based on your proposition that as a signature piece of architecture the ibiza project didn’t matter if it was successful and that some investor would take over eventually. That happened at the Leveque, a lot of initial investors lost their shirts. You do not need to have a realestate license to see a potentially bad investment.

btw the NYC rental market and the Columbus rental market could not be further apart. Being from Columbus, I have absolutely no idea why you would need a realestate license for a rental….