The Reserve at Doral, a luxury townhome development in Doral, Florida (Miami, Florida) ripped investors of all their "investment capital."
I am one the investors who was offered to "invest" in the project by putting money down on a unit before the community was even built, back in 2006.
Real Estate agent, Andres Marquez, licensed under Cervera Realty, but, for some reason, also, able to work in Terra Realty, lied to many investors just like me. On 06/06 I was promised that if I put a 10% investment ($60,000), the money was going to be returned to me with interest on 12/06 when construction started.
Construction started, and the money was never returned. Then, investors were told that the company was going to pay the money once the units started selling. We all believe that! Then, we were told that we had to find our own buyer for the units and then, we would get the money back. Then, we were told that if we did found a buyer, they would return a portion of the money without interest. Then, we were told that we would also had to pay a sales commission to Andres Marquez, the company's agent who lied to us. Then, we were told that we had to buy the units ourselves, even though, we entered the agreement we did it as investors, not as buyers. Most investors could not close on the units because they could not afford them. Then, the company sold the units and did not give us a penny. Most investors lost all their money.
The company lied to us for years and never returned our "investment" or any interest.
The sad part is that many of the investors are citizens from VENEZUELA, who were trying to make a little money on their investments because they felt "investing in the US was a safer investment than in Venezuela."
VENEZUELAN BUYERS BEWARE OF ANY BUSINESS DEALINGS WITH THESE COMPANIES.
ANY ATTORNEY INTERESTED IN A CLASS-ACTION SUIT, PLEASE CONTACT UT!