“I’m Going to Live Here Too” – Developer

Over lunch I was talking to my friend and co-worker who bought at Mosler Lofts and he was lamenting about the third lien that has been filed against them. This got us talking about developers and how, at least anecdotally, one of the sales tactics used selling new condos is they tell you that the developer will also be living in the building:

Lumen: Architect was said to be going to be living in the building. I don’t know how this turned out.

Mosler Lofts: Developer said he was going to live in the building only to put his unit on the MLS once the building closed.

Meritage: Developer has a unit and is renting it out

Trace: Developer said he was going to buy a penthouse unit and ended up buying a smaller unit and renting it out.