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What's going on at "The Madrone" in Hollywood?
In March last year I attended a fancy launch party in Hollywood for The Madrone, a 180-unit condominium project situated at the corner of La Brea Ave and Hollywood Blvd. The multi-story mixed-use project being developed by John Laing Homes, has a variety of studios, 1, 2 and 3 bedroom condos ranging in price from the $400,000's to over $1 Million.
At the time of the launch I had clients that were interested in a 1 Bedroom condo which was priced at $640,000 (approximately 1000 sq ft) and despite my opinion that the price was high, they signed a Purchase Agreement. As our negotiations proceeded with the in-house sales representative, it appeared that the specifications of finishes kept changing and no-one at the sales office could give definitive answers to my questions.
What concerned me (as the Buyer's Agent) was that the developer was offering to release 50% of the selling agent's commission from the Buyer's Deposit upon the issue of a loan pre-approval from their preferred lender. Since this was in April 2008 and the project was only to be completed in March 2009 I was concerned for several reasons:
What if my client's loan was not approved at the ... more

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