Troy and I bought a condo in Vegas a few years ago--pre-Zack. We viewed it as a good investment, and liked the convenience factor of it. And although ability to travel to Vegas has diminished (with the arrival of Zack and the big job changes), we are still very glad we made the purchase.
One of the appealing things about the purchase was that it is a condo-hotel project. Which means that we can easily rent the condo out without having to either hire a property management company or be there in person.
One year has passed since we bought, and we've recently learned that some of the other owners have filed a lawsuit against the builder for violating some laws during the sales process. In reading it over, the lawsuit has some merit. But their first step was overturned by a judge because the condo owners didn't go through the arbitration process first as agreed upon in our purchase agreements.
I never understand why people resort to lawsuits. There is one party who makes good with lawsuits. That's the lawyers for the little people who try to take on the Big Guys. They get paid no matter what the outcome. The Big Guys have lawyers on staff, so the marginal cost of fighting a lawsuit is zero. Makes it a tough world. And the only hope, imho, that the little people have is if the Big Guy wants to avoid negative publicity about the whole thing.
In this case, I am upset that no attempt to go to arbitration was made. They want the builder to buy back their units. I don't want to sell mine at all.
Instead, I just want to make a bit more money off of the rental program. So I came to Vegas to a meeting of other owners, opened my mouth and now took the lead on trying to move our complaints on the rental program forward to arbitration.
Oh my.
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