May 6, 2010
Real estate in the United States of America over the past couple of years is like the Wild West – a little bit crazy. The Palm Beach Post reports a Florida couple is suing builder Hovnanian Enterprises Inc., complaining that flippers destroyed the community.
The newly wed couple, planning for a family, thought they were buying into an tranquil community but ended up living in a development ravaged by flippers.
The community is now overrun by “irreverent transients” who park erratically, leave their garbage everywhere, throw loud parties, install unsightly and unauthorized satellite dishes, and fail to pick up after free-roaming dogs.
Jonathaon and Brandy Miller purchased their unit pre-construction in 2004 and closed in 2006 for nearly $360,000. According to Zillow’s “Zestimate” it is now worth $164,500.
Their suit claims it is the developers fault for what occurred. The Millers say the developer should have worked harder to prevent so many flippers from buying units.
Of the 157 lots that closed, at least 78 were listed on teh MLS within the first 18 months.
“We just feel like we’ve been wronged,” said Jonathon Miller. “We were misled when we purchased it and we finally just got fed up and had to take some sort of action to address it.”