According to the UT San Diego paper, five Rancho Cielo Estates homeowners are currently suing the land developer of their neighborhood. The individuals argue that the homes aren't as exclusive as advertised. According to homeowners, they were promised a very exclusive neighborhood, but the developer allowed some smaller homes to be built in the neighborhood. Already, early buyers had purchased their properties.
They were not aware of the agreement to build some smaller houses in the area. The neighborhood has 528 houses. Originally, early home buyers were promised that they would benefit from some impressive amenities in the neighborhood. The development was supposed to have a competition-sized swimming pool and sauna. Also, residents were promised a fitness center, a recreation center with multiple levels and an equestrian center. The residents say that they also expected formal gardens and a courtyard.
Instead of receiving the amenities that they were promised, the developer decided to use the land for these amenities to build more houses. The developer started building homes on lots that were as small as 5,000 square feet. Initially, the homeowners had been told that all lots would be at least 1-acre. The homes in the area are increasingly pricey. In fact, many sell in the $2 million to $7 million range. The neighborhood is near Rancho Santa Fe, California.
Offended residents say that they want compensation or change as a result of the developer's devious practices. They have filed a class-action lawsuit and believe that the developer used high-end mass marketing to dupe buyers into purchasing homes before they were all built. An attorney representing homeowners in the suit says that all of the plaintiffs are furious that their promises weren't fulfilled.
Many of the homeowners say that they have lost money on their investments as the value of the home will not be nearly as high as they expected when they were told about the amenities that were being built in the neighborhood. Analyses developed by homeowner's attorneys prove this claim. The plans for this neighborhood were approved back in 1981, but have been amended six times since then. While some amenities have been eliminated, two parts have been built and there is a 9-acre recreational area that is still supposed to be built in the location.
Real estate lawyers say that they expect more individuals to join the class-action suit. At a meeting concerning the lawsuit, at least 50 homeowners showed up. The suit asks for compensation for homeowner's financial losses due to their investments. As well, the suit asks the court to impose punitive damages which will discourage more fraud of a similar nature in the future. The residents of this neighborhood have experienced situations of this nature in the past as well.
In 2012, the land developer suggested building condominiums at the neighborhood's southern age. The proposal was rejected, but later the city approved plans to build single family homes in that same area. The residents in the area appealed that approval and filed another lawsuit contending the environmental analysis is flawed because it is based on studies that were conducted back in the 1980s.
If you want more information about neighborhood lawsuits, or if you believe that a land developer is not delivering you the experience and property values promised, then you may also want to file a lawsuit. Don't hesitate to hire a real estate attorney near you today to assist you in seeking compensation. This directory may be able to help you locate a trusted lawyer nearest you that can help you to develop a lawsuit against the parties responsible.