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Instead, Lee is helping her figure out her options after a sudden decision by the developer of the Lunette building to convert the condos into rental units.
The news came courtesy of a letter from Bethesda-based Ross Development & Investment last week that spelled out severe problems in selling the condos, which tend to be in the $500,000 range.
“They’re basically breaking their contract,” Lee told The Examiner this week.
Phone calls to Ross Development were unreturned Friday afternoon and employees of the Town Square’s Condominium Sales Office refused to explain the change or the number of homeowners-to-be impacted.
According to Lee’s letter, the same one the company sent to all future homeowners at the Lunette, they now have three options: seek a refund of their deposit, rent a unit in the Lunette or purchase a unit in the nearby Palladian Condominium.
The problem, though, in Lee’s mind, is that his mother is not interested in renting a home. And for her to purchase a unit in the Palladian would be at least $30,000 higher than the $550,000 she was prepared to spend for a comparable unit in the Lunette.
“And those units are not as nice,” he said. “[The one we saw] has a terrible view facing a parking lot.”
The Lees first began inquiring about a home in Rockville Town Square in the fall, ultimately signing a contract in October. They were told that January of this year would be their move-in month, yet that date has long passed, Lee said.
According to Rockville Town Square’s main Web site, the revamped Rockville downtown is expected to have 644 condo units spread out over four blocks and sitting above retail stores and restaurants. Of those, 15 percent are supposed to be set aside for affordable rental units, based on city guidelines.
dlevitz@dcexaminer.com
Comments from Examiner Readers
12:21 PM MST on Thu., Oct. 23, 2008 re: "Waiting-list for low-income housing open in Montgomery"
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1:57 PM MST on Wed., Oct. 22, 2008
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re: "The City's housing boom"
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3:25 AM MST on Sun., May. 27, 2007
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Bhrenda Drakeford said:
I am in such a bind. My medical bills are out of site. I can hardly pay my rent.I lost my section 8 voucher due to complications with my goal planner. Please help me. I am desperate.
8 agree | 7 disagree
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Examiner Reader said:
I am 18 years old im tired of living with my mom because its a bunch of mess.I'm getting my g.e.d so that i can get me a better job i have a job already its just not paying enough i need my own place and i was wondering could i get on public housing wheneva you can get me in
10 agree | 9 disagree
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Telisa said:
I am 17 years old. me and my 4month old daughter need a place to stay...we need help....how do i go about moving in a HUD property ASAP??
17 agree | 13 disagree
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Examiner Reader/Nadia said:
I have NO idea if you can help But Im going to take a shot at it - Last FRI there was Gun fire exchanged at my apartmnt complex right infront of my door. I have a month to month lease and have put in my 30 day notice to move out since i feel extremely unsafe. How can I move before the 30 days are up without being charged?
15 agree | 14 disagree
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Wai Yip Tung said:
By adding 60,000 units over 20 years, this housing 'boom' represent an annual growth rate of 0.77%.
18 agree | 19 disagree
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Examiner Reader said:
No matter Mr. Metcalf's take on the real estate market, i have lived in SF since 1979 and, to the best of my knowledge, not a single-building boom has significantly effected the price of housing one way or the other, however, clearly (and arguably, unfortunately) real estate "bubbles" have. Even today's Chronicle states the Assessor's office in SF is overhwelmed with homeowners seeking a re-assessemnent of property values because of falling prices. My guess is that has more to do with the real estate "bubble" bursting than available housing on the market.
19 agree | 17 disagree
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Robin Ficker Broker Robin Realty said:
The county this year increased property tax revenues 14% with another huge increase expected next year. Reduce spending, and hence the next for more tax increases, by $500,000.
22 agree | 19 disagree
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Examiner reader said:
Knapp might run against Leggett for County Executive? If that happened, Knapp would surely win. Given the choice of a fiscally irresponsible, clueless, pandering politition or a tool for the developers, the voters will probably choose the tool for the developers.
22 agree | 20 disagree
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Examiner Reader said:
Wow! It is unbelievable the amount of selfishness that I see in people who do live in these establishments. I suppose they have the mentality of give back to the community...but not on my block. Let me tell you...I ended up in this type of housing for a year. Thank GOD it was there! I relocated from LA to MD for a $120k/yr. job which I ended up being wrongfully terminated from when I caught pneumonia. As a single mother, an educated professional, worked in my field for 17 years...I was humbled. Don't let your fill yourself with so much gusto, God has a way of humbling those on their high horse.
19 agree | 17 disagree
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Examiner Reader said:
hello my name is korena i live in jhonson homes which is pha/lowincome i am looking to get a transfer out of philly how can i do that
17 agree | 18 disagree
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Examiner Reader said:
Yeah, that's exactly what we need, project thugs in nice new developments. I don't think so!
21 agree | 21 disagree
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Reader said:
Get a fix it man and stop whining!
21 agree | 26 disagree
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Examiner Reader said:
"Department of Labor, Licensing and Regulation" Run by Thomas Perez, ex chairman of the board of Casa de Md. I wonder if he allowed illegal aliens to fix or certify the roof.
21 agree | 23 disagree
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Norwood Apts Reader said:
As a tenant at the Norwood I take issue with your characterization of tenants as welfare seekers. These tenants are working class low income people who work service jobs in DC. Some tenants work in the mail room at the White House, waiters at Old Ebbitt Grill, or cleaning offices. These people are the ones who help our city run and we deserve to have a decent place to live. By decent I mean demanding a proper working elevator that does not take 31 days to repair.
388 agree | 273 disagree
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Examiner Reader said:
Columbia doesn't need anymore housing.....Most of the individuals at the meeting, are those seeking welfare and goverment funded housing........
311 agree | 292 disagree
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Examiner Reader said:
When will this new policy take place?
656 agree | 301 disagree
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Silver Springer said:
This is a remarkably important story and the Examiner deserves a lot of credit for digging it out. while bigger papers in Baltimore and Washington failed to do so. Mortgage regulators should have stopped the current binge of looney loans years ago. They failed to do so and now large numbers of homeowners are facing foreclosure -- and more will in the future. That's a terrible price to pay to sell more loans and to inflate short-term lender profits.
313 agree | 287 disagree
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