So the rumors about Lexington Park have come to fruition. Many real estate experts were convinced Starwood Capital would not move forward with the current buyers’ closings, and it now has been confirmed. Recent articles state buyers have now been notified, they will receive partial release of earnest money. Most buyers have said, they are not thrilled, but are at least relieved they can now put it behind them.
Buyers with email addresses on file have received emails notifying them of this news along with attachment outlining the details. In summary, 95% of their earnest money will be returned with interest, (less 5% processing fee). This applies only if they act within 30-days and keep the details confidential.
While this is not the best news to some, seeing they will not receive their dream home, and are being penalized for something out of their control. This is still good news for many, because quite a number of them paid premium dollars for a condominium, which has now lost a minimum of 20% in value, during this long wait. While some buyers have allegedly contemplated lawsuits, others are happy to receive a better return in the end. A few have said “losing 5% is better than 20%”, but it is unclear what percentage is feeling that sentiment.
This is truly a tragic end to a market that has brought so much heartache, to so many hardworking buyers, who just wanted to purchase their dream home.

If you were one of the unfortunate buyers who not yet been notified, it is best to contact the title company for information.