Hearing today to seek class-action status for suit claiming Par...

Developers of The Paramount at Lake Eola condominium face a key hearing in an Orlando courtroom today in a legal battle over whether those who bought units in the nearly complete downtown tower were misled ...

[Southwest Orange]

"
A spokesman for Publix Super Markets Inc. confirmed Wednesday that the chain still intends to open a store on the building's ground floor by the end of August."

That gives new meaning to the phrase 'run down to the store'.

[Chris]

What was flawed was their idea to build a condo tower after 23000 others had already been proposed and/or built in Orlando - and they failed as well.

[novel idea]

I wonder if they would be as concerned with the safety if they were able to flip the condos and make a 100k or more, like I'm sure that they planned to do. Or maybe they were going to live in the condos, yeah right.

[Billy]

I bet they are suing so they can get out of their deposits.

[Thom]

I agree with the above posts, it sounds like their invenstment went south and now they want out.

[hmmm]

so, the guy lives in f%#kin' Windermere and bought two units? DEFINITELY not for himself. Just looking for any reason to get out of a bad real estate dcision.

[Steve B]

Think this lawsuit does sound a little fishy and could definitely be tied to the depressed market for downtown Orlando condos. I'd Like to hear more about this...

http://www.OrlandoCondo411.com

[Yup]

I'm sure some slick lawyer thought this one up to get his clients out of a bad investment!

[Lamar]

Yup wrote:

I'm sure some slick lawyer thought this one up to get his clients out of a bad investment!

These people are looking for any way out of a bad investment. These condo buildings are chintzy as heck, you hear your neighbors' intimate moments, and they feel like a dorm. It's hardly the "upscale" living these people bought into (to live or to flip).

That doesn't mean that the building is structurally unsound. It just means that they bought into a glorified dormitory.

[RSM]

The article doesn't mention what the alleged flaws are...this would be of interest to any reader trying to understand the situation...

[Lamar]

horlando wrote:

More Buddy Dyer fallout. Empty condo buildings downtown. No one is really going to live in these things.
But they sure do look pretty at night all lit up. It creates the smoke and mirror illusion that there is legitimate business in downtown Orlando.

The Sentinel is in on the scam. Notice how they said that all but four of the units were sold and the people were going to start moving in? They make is sound like all but four of the units will have occupants!!! Real journalists would probe this flaw, but not the Sentinel.

[Ali]

I would have agreed with all of you in the past, however, I also purchased in the paramount and was excited to move into such a beautiful building in downtown Orlando. I am also a realtor in downtown Orlando. However, we where promised luxury, and the building does not come close to what we anticipated. The developer, was cheap with the appointments in the building, the floor plans where much smaller than expected, and the are many other material changes done to the building after origonally writing our contracts. Furthermore, who in there right mind would want to close on a condo that is not worth the price? The market will turn around and I am not afraid of buying in this market. In fact I would love to buy in this market. However, this in not the building I would buy into.

[Non Investor]

Did you say Class Action?!
That means Attorney makes Millions and Plaintif's get pennies on the dollar.
Winderemere...Sounds like someone was crying in their Scotch at the Clubhouse and was over heard by an Attorney.
I agree. Sounds like Investor's trying to get there money back.

[Lamar]

Ali wrote:

However, we where promised luxury, and the building does not come close to what we anticipated.

I'm not familiar with some of the smaller buildings, but every condo building I've looked in screams "cheap, cheap, cheap." For the life of me, I can't figure out how people could possibly think hearing your neighbors **** would be upscale.

[NoelM]

I hope the developer holds their feet to the fire. It is ridiculous how people think they can just write contracts and tie up property without any intention of actually closing.

[Amazed]

I am amazed that people can sit here and write about a situation they know absolutely nothing about. Judging those you do not know and can not understand can be a grave mistake for someday you may walk in their shoes.

[Eolaer]

We should all know what the flaws are first in order to judge the builder or the buyers.

Orlando Sentinel journalists, the hearing is over by now, do we have any details on what the flaws are?

[Billy]

Judge Schmells wrote:

<quoted text>
Wow Billy...i think you may be on to something...DAH

And you must be one of those trying to get out, WOW, I got another one right. Yeah for me!

[Mahi Man]

We are not talking about the wrong base board or cabinets being installed. The problem is basically that the concrete structure was cracking so badly that the project was in jeapordy of failing until additional temporary structural steel could be installed. Then the structural engineer of record ran out of errors and omissions insurance dollars for a bad design, then the deveoloper stepped in to fix the concrete structure to the tune of over 20 million dollars in repairs. The original structure only cost 18 million to build. Over 100 workers worked 2 shifts from Jan 08 to May 08 to correct defects.

Why did Zom not disclose this to the buyers? The buyers will have to disclose to any future buyers which will potentially devalue their property.

The building was turned into swiss cheese in the process of repairs. Holes and concrete cutting along with massive steel and bolts were part of the process.

This is not a simple case of all the buyers trying to get out of their contracts! The informed ones have a valid reason for recision of the contract. They did not buy into a flawed and repaired after the fact building. Granted, there are buyers looking for any excuse to cancel their "investment" purchase since the market has turned south. There are others that intended to call this place home.

If you bought a new Mercedes from your local dealer and they discovered that there were design flaws at the factory and the car needed extensive repairs at the local dealer, shouldn't the repairs be disclosed to the buyer for their choice to cancel or take a "rebuilt" new vehicle?

[LEGEND]

Hey Ali from Atlanta,

Did you ask for your deposit back, due to the smaller floorplan?

This is a valid reason to get out in which they can't say no, I suppose.