Lake Austin Properties I, Ltd. Eleventh Update – Lake Austin Announces Deal With Malbec Investments
On July 26, 2011, Lake Austin Properties I, Ltd, via an email sent to owners by former IAP employee David James, who is now working for Lake Austin Properties (UK), announced that Malbec Investments received final agreed terms from OSM (the original lender for the Lake Austin Reserve development). The announcement goes on to state that final details of the buy-out may be confirmed by the following week and that individual closings may be scheduled in as little as 45 days. This announcement should be a call to action for purchasers who signed an Agreement for Sale with Lake Austin Properties I, Ltd., for the purchase of a Grande Palisades C1, C2 or C3, Avalon Resort or Magnolia Woods Resort unit at the Lake Austin Reserve.
Urban Thier & Federer P.A. (“UTF”), has represented well over 450 units at the Lake Austin Reserve, of which approximately 350 are already fully resolved. As discussed in detail in prior www.urbanthier.com articles, Lake Austin Reserve unit purchasers should be aware of the following issues:
AGREEMENT FOR SALE PRICE VERSUS MARKET PRICE/VALUE:
The market prices/values of condominium-hotel units in the relevant West of Disney market area are a mere fraction of the Agreement for Sale contracted for Lake Austin Reserve unit prices. See the following article for details:
- The Future of the Grande Palisades and the Oversupply of Disney Area Condominium Hotels (Condo-Hotels)
COMPLETION OF CONSTRUCTION MAY BE BAD NEWS FOR PURCHASERS:
The fact that the Grande Palisades units may soon be completed is good news for the developer. However, it also means that purchasers are that much closer to potentially being forced to close on a unit that is worth a mere fraction of the Agreement for Sale contracted for purchase price. Despite representations to the contrary by Lake Austin, UTF is not aware of any purchasers receiving a voluntary refund of any portion of their deposit or any Agreement for Sale price reduction to bring the purchase price in line with market values. See the following article for details:
- Urban Thier & Federer, P.A., Answers Lake Austin Reserve Purchasers’ Questions in Person in the United Kingdom and Provides Factual Information
LAKE AUSTIN’S EMPTY REPRESENTATIONS:
UTF is aware that Lake Austin Properties I, Ltd., has made many different proposals, representations, etc. However, the fact remains that Grande Palisades, Avalon Resort and Magnolia Woods Resort purchasers who signed an Agreement for Sale and who have not been legally and bindingly released from their Agreement for Sale are contractually obligated to pay another 70-75 percent of the purchase price for a Lake Austin Reserve unit. UTF is not aware of any purchaser who has received a binding commitment from Lake Austin Properties I, Ltd., to reduce their purchase price, to pay a rental guarantee, to participate in a REIT, etc. See the following article for details:
Urban Thier & Federer, P.A., encourages all purchasers to do their own independent due diligence and research. You can also learn more about Lake Austin Properties I, Ltd.’s Lake Austin Reserve Grande Palisades, The Avalon and Magnolia Woods Resort phases via these previous articles:
- InformationLake Austin Properties I, Ltd. – Eleventh Update – Lake Austin Announces Deal with Malbec Investments
- Lake Austin Properties I, Ltd. – Tenth Update – Urban Thier & Federer, P.A. Answers Lake Austin Reserve Purchases’ Questions in Person in the United Kingdom and Provides Factual Information
- Lake Austin Properties I, Ltd. Ninth Update – Lake Austin Properties I, Ltd., Raises Bankruptcy and Other Issues to Encourage Grande Palisades, Avalon and Magnolia Woods Purchasers to Continue with an Economically Unjustifiable Purchase.
- Lake Austin Properties I, Ltd. Eighth Update – Lake Austin Reserve Developer Visits United Kingdom to Propose REIT Concept
- Lake Austin Properties I, Ltd. Seventh Update – The Importance of Understanding Your Chosen Law Firm’s Litigation Strategy and Your Own Litigation Priorities
- Lake Austin Properties I, Ltd. Sixth Update – Lake Austin Joins Forces with IAP/IAP Global Veteran to Replace The Affinity Partnership, Ltd.
- Lake Austin Properties I, Ltd. Fifth Update – The Grande Palisades and Lake Austin Properties I, Ltd. High Pressure Tactics
- Lake Austin Properties I, Ltd. Fourth Update – The Future of the Grande Palisades and the Oversupply of Disney Area Condominium Hotels (Condo-Hotels)
- Lake Austin Properties I, Ltd. Third Update – Fuel USA and Affiliated Attorneys and Solicitors
- Lake Austin Properties I, Ltd. Second Update – The Affinity Partnership, Ltd. and Related Entities
- Lake Austin Properties I, Ltd. Update – Status of Buyers’ Deposits
- Lake Austin Properties I, Ltd. Grande Palisades, Avalon and Magnolia Woods – Status and Rights
We encourage all purchasers to interview any attorney that they may be contemplating to retain and to ask that attorney for their experience, record in this area of the law, number of cases taken to final judgment, number of cases affirmed on appeal, number of attorneys in the firm, firm staff, resources, etc. We sincerely believe that purchasers should not retain an attorney or law firm until they are confident that 1) the law firm has the experience and resources to represent their best interest and 2) they fully understand the law firm’s litigation strategy.
The Florida Bar, which regulates all attorneys who are licensed to practice law in the State of Florida, provides strict guidelines which prohibit us from referring to past successes or results obtained for other purchasers in this or other developments. However, we can provide you with this and other information in response to any inquiry. Accordingly, we encourage you to contact us via the “Contact Us” page and we will promptly respond with additional information.
With attorneys in Orlando, Florida, Munich, Germany, and Manchester and London, United Kingdom, Urban Thier & Federer, P.A., Urban Thier & Federer Rechtsanwälte and Urban Thier & Federer Limited continue to assist buyers throughout the United States and European Union countries who are seeking to terminate their pre-construction purchase agreements. Most cases can be handled on a contingency fee basis (client is responsible for costs).
We encourage you to explore our websites – www.urbanthier.com (United States office), www.urbanthier.de (German office) and www.urbanthier.co.uk (UK office) to learn more about Urban Thier & Federer, P.A., Urban Thier & Federer, Rechtsanwälte, Urban Thier & Federer Limited (SRA Number 559959) and their attorneys and practice areas. Urban Thier & Federer, P.A.’s representation of buyers includes litigation of cases in state court, federal court and arbitration proceedings. We encourage you to become informed of your rights and options. You should also ensure that any law firm you consult or retain to represent you has the experience, resources and ability to take your case through trial and appellate courts, if necessary.
Please note that Urban Thier & Federer, P.A. does not represent you and cannot take any action on your behalf unless and until you enter into a formal written Legal Representation Agreement.
John L. Urban, Shareholder