Lawsuit targets Chapel Hill retirement community
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.
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#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.
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