California | Real Estate Law
Legal Question
dramatic cc&r changes of a develepment
We purchased property marketed in a sub division as 55 custom home lots. The new sub division was compared to 2 other large custom developments in town. Both developments took 3 to 4 years before all the lots were sold, this was during a hot real estate trend and special incentives were given to contractors to start spec homes to generate interest in the development. Less than 17 months after starting to sell lots in our development and less than a year after we purchased the property and 6 months into building our custom home, the remaining 41 lots are now tract homes of a significant lesser value. The real estate agent told us that no tract homes would be allowed within the 55 custom lots. Our home was appraised at 725,000.00, the tract home next door that is now being built was purchased for 325,000.00, across the street the one being built was sold for 295,000.00. Our lot was purchased for 220,000.00. What is a reasonable time frame for the developer to deem a project '' impossible'' and move forward and change the cc&r's? Have they committed fraud? Can they be held accountable for the dramatic fall of our property value. The company that sold us the lot is the same company selling and building the tract homes.
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