Lake Austin Properties I, Ltd. – Fifth Update
Lake Austin Properties I, Ltd. – Fifth Update
The Grande Palisades and Lake Austin Properties I, Ltd.’s High Pressure Tactics
Urban Thier & Federer, P.A. has learned from a number of sources that Lake Austin Properties I, Ltd. is engaging in high pressure tactics and other methods to manipulate purchasers into either proceeding with an economically unjustifiable purchase or allowing it to retain even more of their escrow funds (see for example the “Grande Palisades – REALISE your investment or LOSE your investment” emails sent out on behalf of Lake Austin Properties I, Ltd.) Lake Austin Properties I, Ltd. has attempted to paint a picture of the lawyers and solicitors versus Lake Austin, with Lake Austin Properties I, Ltd., and Paul Oxley portrayed as the victims of lawyers, bankers and the economy.
Paul Oxley, Lake Austin Properties I, Ltd., and the bankers, or other financing sources that they are working with to secure financing to complete The Grande Palisades, are fully aware that the Disney area condo-hotel market is already oversupplied and other Disney area condo-hotel developments are already in bankruptcy. The current market price for comparable condo-hotel units in the same geographical area (the West of Disney condo-hotel market) in fully operational and revenue generating resorts, is in the $60,000.00 range and continues to trend lower. See previous article The Future of the Grande Palisades and the Oversupply of Disney Area Condominium Hotels (Condo-Hotels) for details.
Even with a discount, I strongly believe that the Lake Austin Reserve’s The Grande Palisades units (which have not been completed, which will increase the existing oversupply of condominium hotels once completed, and which have absolutely no revenue generation history) have a market value that is a mere fraction of the Agreement for Sale purchase price. I believe that the information and market data contained in the above referenced article should assist buyers to better understand the economic realities and why Lake Austin Properties I, Ltd. is pressuring purchasers to stay in their contracts/Agreements for Sale and to close on the purchase of a Grande Palisades unit.
Urban Thier & Federer, P.A. has represented to full and final conclusion 317 units (and represents or has represented well over 400 units) of the 1,588 Lake Austin Reserve units that make up the Grande Palisades (890 total units, with 304 in C1 and 293 each in C2 and C3), Avalon Resort (349 planned units) and Magnolia Woods (349 planned units) phases of the Lake Austin Reserve development. 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 and updates:
- 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
See also previous updates:
- 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. See also Fuel USA Blog for additional considerations.
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, and Munich, Germany, Urban Thier & Federer, P.A. continues 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 website – www.urbanthier.com to learn more about Urban Thier & Federer, P.A., 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