I purchased a condo in a 256-unit conversion in January. In the last few weeks I started to notice no more work being done, and the sales office signs changed. I spoke to a leasing rep in what is now the 'leasing office' and found out that no more units are being sold. They have totally changed all the staff and stopped renovations, and are leasing the completed renovated units for a higher price than the regular ones.

I know that this is becoming common with the way the market is now. I have read a lot about "conversion reversions" all over the country, but nowhere have I read anything about what happens to the buyers?? There are ONLY 12 units sold out of 256. There is no way I would be able to sell, much less break even, when 95% of the place is rental!

Does anyone have any experience or advice in this situation? I'd appreciate any insight, I am sure there have to be a lot of people in this boat.

It sounds like a breach of contract, since what you are getting is not what you agreed to.