Had an interesting thing happen today that I thought would be relevant to share with our Luxury Residential Group Blog readers. An amazing, nice, young professional couple hired us to assist them in their search for an ultra Luxury Apartment in Boston. After a month of Searching, we finally found the perfect home. It was located at 134 beacon Street and was on the market for sale for nearly 3 years. The developer decided to cut his losses and lease the property for the next year or two to hopefully catch the market on the upswing. Our clients came to an agreement with the developer for a 2 year term at $12,000+/month. Unfortunately, the listing sales agent had different ideas. Although we had an agreement in principal, the developers agent, who we will not name, used our rental offer as leverage to procure a buyer for the above mentioned property. Another party stepped up and blew our “deal” out of the water on the purchase side. Although the actions of the developers agent was understandable, it was highly unethical. There is no legal action because the leases had not been signed and the deposit checks had not been cashed.
Lesson: Never expect a deal to be done until you have copies of signed documents by both parties. Also, it is essential to know that whatever financial considerations are involved, they have been accepted and deposited into the bank by the lessor or their representatives. It also teaches us that sometimes, even though we feel pressured to make certain decisions, we need to go for it because the opportunity may not be there tomorrow.