Developer of Murano Condo Sued by Residents
Residents at the Murano condo have filed suit against the building’s developer Thomas Properties Inc. According to the owners of these condominiums, Thomas Properties has fabricated the level of sales at the Murano to the public in an attempt to boost unit prices and assist their marketing efforts from 2005 to 2009.
Thomas Properties hired Accelerated Marketing of Boston to auction 40 of the 302 units at the Murano in June 2009 in an attempt to boost sales in the struggling real estate market amongst all the new condos popping up in and around Center City. The company is on record stating that after-tax-cash flow between January and June increased as a direct result of condo sales that did not actually occur.
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