Lawsuit targets Chapel Hill retiremen...

Lawsuit targets Chapel Hill retirement community

There are 1 comment on the Chapel Hill News story from Jan 18, 2014, titled Lawsuit targets Chapel Hill retirement community. In it, Chapel Hill News reports that:

Raleigh attorney Benjamin Kuhn said the fees residents pay to live at The Cedars of Chapel Hill are unenforceable and unconstitutional, because they are tied to the land beneath members' homes, which the developers own.

Join the discussion below, or Read more at Chapel Hill News.

Michael Owen

Chapel Hill, NC

#1 Jan 19, 2014
My family was considering The Cedars about a year ago. I am glad we avoided this "real estate deal." The buildings, facilities, and services are impressive but the "deal" seems heavily weighted to the advantage of the developers. It appeared to me that the developers make 10% off the sale of the apartments from the buyer as well as a real estate commission from the seller. Owners must pay monthly fees of several thousand dollars on the apartments even if they vacant the apartment. In other words, when residents move or die, they or their families are obligated to pay the monthly fees on empty real estate. When the market is down this can be a serious problem. If a family member inherits the apartment and is old enough to qualify for residence at The Cedars, the developers still charge this new owner another 10% of the market price to move into their own apartment. This sounded to me like a scam.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Wake County Discussions

Title Updated Last By Comments
Wake County Mugshots and Criminal Arrest Records (Sep '16) Sep 30 Leland 4
Leave our students alone or WILL WAKEXIT Sep 30 leaudevie 1
News Should Wake County Spend Up to $20 Million to C... Jul '17 Marjorie 1
help! (Aug '15) Jun '17 Sad 3
News Developer plans to demolish Fendol Beversa 1850... Apr '17 Free house 1
Wake up America (Apr '16) Apr '16 Luke 17 3 1
News Jonathan Orpin of Pioneer Millworks/New Energy ... (Feb '16) Feb '16 JANICE 1
More from around the web