Buyer Beware: Montgomery Ward Plaza in Fort Worth
Posted by Michael Pannell on Wednesday, December 24th, 2008 at 7:00pm.Buyer Beware: Montgomery Ward Plaza
I am doing this blog to make sure everyone knows what they are getting into before they buy a Condo from Montgomery Ward Plaza in Fort Worth Texas. If this has happened to you, please comment on this blog. We want to know who else has been affected.
The sales people will mislead you to get you in the door. We are working with a client that is looking to buy a home in Keller Texas. They put a contact on a condo at Montgomery Wards Plaza about 8 months ago. This was pre-construction. They where promised the world. The developer failed to deliever. The finish out of the condos were not up to par with what the customer was lead to believe they were getting. You expect certain things when you spend over half a million. People will start to wonder why these condos will sit a long time before they all will sale.
The contacts are so lock title to benefit the developer, it isnt even funny. Make sure you have a attorney read over it before you buy. You can not get out of it for any reason with out them sueing you.
Over Promised & Under Deliever
Since they could not produce everything the buyer was lead to believe they were getting, the buyer has choosen to by a home instead of the condo. They figured they can get alot more for their money from a house not a condo. This is where I came in, we were contacted to help them find a home.
The Found a house that was everything they wanted.
Once they found the house all their problems began!! The Developer /Sale person is threating to sue them for not buying the condo. To make everything fair, the client offered to give up their earnest money, around 30k, to get out. The developer will not have any of it. He is threating to sue them and keep the earnest money. All they want is out and they are willing to lose their money. They just dont want to be double dipped on. Is this even fair? I would think that if they kept the money they could just resell it and make an extra 30k. To each their own.
Buyer Beware: Use a Local Realtor when Visiting this place
When visiting this place do not call them directly. Have a local Realtor call for you so you can get everything you are suppose to get. We called up there to test them out as a buyer and got 3 different stories on how everything works. Do not go into this place with out all your bases covered first. You dont want to be mislead like these nice folks were.
If you have a story kinda like this one feel free to post a comment. We want to see who else is in this same boat. I have heard at least 4 others are having the same problem.
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Share11 Responses to "Buyer Beware: Montgomery Ward Plaza in Fort Worth"
I was fooled too! I put my money down more than 2 1/2 yrs. ago. I was told it will be finished by Thanksgiving 2007, then March, and promises kept coming every 3-4 months. There is so much more but I don't want to write it. I have an attorney now. I just don't want to deal with this anymore. I would like to join forces with any and all fustrated persons. We might be able to push a little harder working as a group! What do you think?
Posted on Saturday, November 28th, 2009 at 10:47 PM.
There where alot of people. Most where forced to close. I know my buyers where forced to close. They where not happy.
Posted on Sunday, November 29th, 2009 at 8:38 AM.
Well I was forced to close. I am so disappointed. The finish out is sub-par. In fact I am having problems with the tile, the wood, and so much more. It is actually embarrassing to admit I bought a place here. Of course you have heard that the developer and G. contractor are fighting and the head guy of the GC lives here and owns several units! Now the developer has really gone over the top by billing the residents by the sq. ft. for the utilities since Dec.15, 2009! Is this fair to the folks that don’t even live here, or the people that just moved in this year when other residents have been living here for 3? You tell me.
Posted on Monday, October 11th, 2010 at 3:29 PM.
Wow, first post in nearly a year. I assumed this controversy about forced to close had died. We - and others I know - have had no further contact from the MP folks in months. Sorry to hear about the poor finish out. We saw that on our walk-through, along with mold on the closet ceiling, and it reinforced our decision not to close. How could your title company let you close when the GC and subs have placed liens on the bldg for non-payment?
Posted on Tuesday, October 12th, 2010 at 10:08 AM.
There were no liens when I closed. This all started about 2 months ago. It is called a Lien Affidavit and Claim of Cummings Electrical, Inc. it is filed. So many of us bought the units based on floor plans and promises. What a mess. I'll let you know what happens with the utility bills.
Posted on Tuesday, October 12th, 2010 at 3:41 PM.
I have been marketing real estate in Texas for 40 years, I have a client who might be interested in Montgomery Plaza when his land sells. Now with these comments, I am leary of showing him this nice developement. I have a friend who purchased here pre-construction, sure took him a long time to close and move in. What do you think is the best move now for a one bedroom condo?
Posted on Monday, October 25th, 2010 at 2:42 PM.
Montgomery Plaza is still the most for the money IF the liens and utilities/common fees get settled and IF you are very picky during the walk-through. Anything else on Seventh and around - Museum Place, So7, ArtHouse, etc. - is going to be 30-45% more for comparable space.
Posted on Tuesday, October 26th, 2010 at 1:52 PM.
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Posted on Saturday, February 5th, 2011 at 2:10 AM.
I have been contacted by a money-hungry lawyer this past Sunday offering me lass than a fourth of my escrow money from the developer. What should I do? The title company said if I can get a signed statement from the developer that they will relinquish the right to that money, then they will give it back to me. But do you think the developer will do that ? I should say not! I guess I need a lawyer!
Posted on Tuesday, July 26th, 2011 at 10:58 AM.
Now that the old owners are the new owners (after a bankruptcy, sham sale and buy back) it seems that Doug Hickok and crew at OMP are trying to put the past behind them (as best they can with dozens of liens still pending). To that end, they are finally doing what they promised when contracts were signed four years ago: taking the escrow money and releasing potential buyers from the contract of sale. Why they didn't do that two years ago and save us - and them - thousands of dollars in attorney fees is beyond me. CAVEAT: They will try to keep the interest you have earned on your deposit. DO NOT FALL FOR THIS. You paid income tax on it, it would have been applied to the balance due or refunded to you at closing. It is your money. Although I'm glad to close the books on this sordid chapter, I still feel that Montgomery Plaza is one heck of a great project. Just a poor excuse of a developer who tried to force people to close after missing the self-set advertised construction schedule by over a year.
Posted on Thursday, October 13th, 2011 at 11:35 AM.
We, too, were told that "worse case scenario" we would lose our deposit. But now we have decided not to close and they are demanding "specific performance." We know others in the same situation. Why would they want someone there who didn't want to be there? Our attys are talking. Stay tuned.
Posted on Wednesday, July 22nd, 2009 at 9:01 AM.