Congratulations and Well Done to Joel Cantor and Gulf Atlantic Communities, Inc., developers of Signature Place in downtown St Petersburg Florida. Many developers in the current economic situation would discount unsold condos and leave those would contracted to buy 2 and 3 years ago to hang out there, with evaporating equity.
Not Joel Cantor. Joel appreciated the confidence and loyalty of the purchasers who signed contracts pre-construction, so has announced that they will be receiving "significant" price reductions. He feels that THEY should be receiving compensation and reward for their confidence and loyalty.
The amount of these price reductions has not yet ben announced.
For many original purchasers who must be considering whether to buy or bolt, this may make the difference - not only the money, but the philosophy of the developer.
Thanks, Joel, and Congratulations for your integrity.
What an honorable thing Joel has done with the reduced pricing. Probably unheard of around the country. This is good publicity for him with your blog writing.
Sharon, that sounds like a very good business decision! Good for him.
Gary - it certainly isn't common.
Pat - good business, good ethics.
Sharon - A wise business decision and will certainly enhance his reputation.
Integrity, Passion and Pride all to come to mind here Sharon. All three traits individually are great and together that make for someone special. I hope they all stick and then continue follow this man's career. He deserves to be commended. Certainly got my respect and I even remeber his name, Joel Cantor ( and I didn't even have to look back ). Joel Canor is the Man!
Jennifer - I always tell buyers that part of the price of a new condo is the reputation of the developer.
William - he's one of two local condo builders whose praises I sing.
Sharon,
Nice to hear Mr. Cantor has a conscience and going above and beyond. Truthfully this is the first time I've heard of a developer doing something like this. I applaud his integrity.
Lynda - I've heard of many adjusting prices as construction goes along, but this if the first I've heard of as well at closing time. I guess our current economy will have lots of firsts.