We bought in Crescent Club a year ago and we just got our closing date.  I went by the building today and it looks nowhere near done.  When we spoke to the broker a few days ago he said the earliest we would close would be late March and now we have a closing date set for the end of February.  Does anyone have any idea why they would give us a closing date they probably won't be able to honor?  Also wondering if there are any other Crescent Clubs buyers on this forum.  Thanks in advance.

Previously crescentclubbuyer wrote:

><p>We bought in Crescent Club a year ago and we just got our closing date.  I went by the building today and it looks nowhere near done.  When we spoke to the broker a few days ago he said the earliest we would close would be late March and now we have a closing date set for the end of February.  Does anyone have any idea why they would give us a closing date they probably won't be able to honor?  Also wondering if there are any other Crescent Clubs buyers on this forum.  Thanks in advance.<br >

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It is very common for developers to send out overly optimistic closing letters. They probably won't make this date and will push it back indefinitely. You should ask if they have their TCO. Only when they have this will you know you are actually going to close. Doesn't sound like they do if the building is not looking near completion.

I too am a buyer on a higher floor who has not received my '30 day'
letter yet. I would like to see some posts from those who have
regarding their mortgage application, inspection, appraisal and
commitment experiences thus far.

TO CRESCENT CLUB PURCHASERS:

As set forth under Section 2 of the Seventh Amendment (which the sponsor just mailed on or about February 10th), all Purchasers who have fully executed Purchase Agreements and paid the required Deposits prior to the June 4, 2008 Filing Date of the Fifth Amendment have the right to rescind their Purchase Agreements for a period of 15 days following the Presentation Date of the Seventh Amendment.  As set forth under Part I of the Plan, “Presentation Date” is defined as the date on which the Plan or an amendment thereto, as the case may be, is personally delivered or the 5th day after mailing to prospective Purchasers and Unit Owners following acceptance of the Plan or an amendment thereto for filing with the Department of Law.

Yours truly and several other purchasers I know just rescinded our purchase agreements. 

Hey Mike-

Thanks for posting this.  Apparently all purchasers under contract did not receive the amendment.  I got mine on Thursday and immediately hand delivered my notice to rescind in Friday, as did five other people I know (two of which had not received notice).  I hope all Crescent Club contract holders will see this thread and have an opportunity to make a decision on this.  It is apparent that this project will become a rental and the developer will sell when the time is right.  Clearly now is not that time.  I was hoping for a different outcome but given the current economic climate I think this is the best possible solution for everyone.  All of us who rescind will just have to move on.

Let's post again when we actually get our deposit back.  I really do not anticipate any issues with that as the monies are being held by a third party attorney in escrow.