I got an e-mail today from a 2200 owner about the delays at Vulcan’s first project.
I am purchasing a unit in 2200 – the new Vulcan Building. As you may know, it is significantly delayed. As part of the full disclosure process, I think it would be helpful for potential buyers to know the true Ups and Downs of the buying process.
While there was never a firm date for closings, the projected date was initially fall ’06. In July ’06 at our Condo Meeting it was put out that closings were in that range. It was not until September that delays were reported. Ever since that time, the delays have become more protracted and at this point, it appears the South Tower or Arter will not be closing until possibly January ’07.
Notably, there has been no apologies. The updates regarding the delays are quite slow in coming out. Further, the excuses that have come up, such as the one I posted on your Blog are sorry to say the least.
Thanks for e-mailing this in. I wasn’t aware that there was delays and I agree that it’s important that all of us go into these transactions with our eyes wide open. This is a good warning about how Vulcan deals with delays and is probably a great indicator of how they will handle delays in their other projects. Other projects where they have already missed a number of initial dates with no explanation. I understand of course being in the technology business how hard it is to predict dates but when you do miss a date you need to own up to it, take responsibility and be honest with your customers. Especially when those customers are either selling other homes to move into something new or are getting out of apartment leases.
Is anyone else waiting for a project to close that is delayed? How was the delay handled? I know Three19 has been delayed but don’t have exposure to other projects near completion.