I totally agree that Two Trees misrepresented the square footage.
From my experience, many builders are less than honest people. In fact I have not bought a house, nor personal members of my family, from a totally honest builder. They always seem to promise more than they can deliver.
Many condo conversions are not totally gutted. Loft projects, transformed from historical buildings such as an old cotton mill, are normally gutted, but not necessarily former apartment buildings.
Some real-estate construction/investment firms specialize in condo conversions. That's their select niche. They buy an apartment building and then upgrade it. Usually nothing too major for individual apartment units--just hardwoods, granite counters, a new bath, new appliances, and a few upgrades here and there. Curb appeal is important, so a major portion of their funds will be allocated to upgrade a previous dull/boring lobby, pool, and gym.
Gutting an entire apartment building will reduce the profit margins. A high-end condo may see more radical alterations than a condo more moderately priced.
If this couple had opportunties to view the condo, but didn't that's unfortunate. A buyer is a fool if you don't view the condo or house during the construction phase. A buyer is a fool if they don't hire building inspectors.
Naturally at the end of the building/renovation cycle your options are more limited.
I totally agree that Two Trees misrepresented the square footage.
From my experience, many builders are less than honest people. In fact I have not bought a house, nor personal members of my family, from a totally honest builder. They always seem to promise more than they can deliver.
Many condo conversions are not totally gutted. Loft projects, transformed from historical buildings such as an old cotton mill, are normally gutted, but not necessarily former apartment buildings.
Some real-estate construction/investment firms specialize in condo conversions. That's their select niche. They buy an apartment building and then upgrade it. Usually nothing too major for individual apartment units--just hardwoods, granite counters, a new bath, new appliances, and a few upgrades here and there. Curb appeal is important, so a major portion of their funds will be allocated to upgrade a previous dull/boring lobby, pool, and gym.
Gutting an entire apartment building will reduce the profit margins. A high-end condo may see more radical alterations than a condo more moderately priced.
If this couple had opportunties to view the condo, but didn't that's unfortunate. A buyer is a fool if you don't view the condo or house during the construction phase. A buyer is a fool if they don't hire building inspectors.
Naturally at the end of the building/renovation cycle your options are more limited.