I have it on good authority that the Roosevelt Collection is going rental instead of condo due to the housing meltdown.
To those in the know this ain’t exactly groundbreaking news.
My source also tells me that the earnest money is due to be refunded “in a timely manner.”
Now does that mean timely in a “it took you less than 48 hours to cash my check” type of way or timely in “If you piss me off I’ll make you wait for your money---and you’ll be lucky to get it” type of way?
Due to crappy protections afforded to home and condominium buying consumers, will everything be dragged out until the legal statute of limitation to recover earnest monies run out.
*Cough* Theatre District Lofts*Cough*
Time will tell.
But here’s something to ponder during your day.
While the pundits say that the economic pitfalls of this recession are easing, there are those of us out here in the real world who would beg to differ.
Worrying about money is a new thing to some people.
They played by the rules, they saved and invested and didn’t initially worry when they lost their jobs.
But then three months stretched into six and six months into a year.
And despite cutting their spending and living carefully, their money has run out.
Now, ladies and gentlemen, the shit is really hitting the fan.
Down payment money that was flowing so freely a few years ago is now the difference between putting food on the table and having to apply (and be rejected) for a Link card.
That money is the difference between making your mortgage payment and moving in with the relatives.
Yesterday’s yuppie or sink (Single Income No Kids) is today’s marginalized worker.
But marginalized on not, they want their money back.
Unlike other marginalized workers of old, this bunch is a lot more savvy and vocal.
I hypothesize that they will find a way to get their money back.
Whether it’s via social media, networking, writing elected officials or overhauling the whole freaking system, someone is going to make it happen.
‘Cause this time it’s not just the little guy who’s getting his house bulldozed by the city.
Everything’s been flipped on its head and now people are finding themselves in positions their grandparents and parents worked very hard to rise above.
This new class of marginalized worker is not used to being ignored.
Let’s just hope that change will come through positive and productive means and not as a result of chaos and upheaval.
But in the meantime the revolution might be forestalled if people were refunded the earnest money that’s rightfully theirs.
Just a thought.