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Certificate of Occupancy Issued for the Sapphire Condominiums
1727 Views :: 54 Comments :: :: South Padre Island, Investment, Second Homes
The City of South Padre Island has issued the Certificate of Occupancy for the Sapphire Oceanfront Tower Condominium project.

Now the units can be closed and the towers will be open for business.

  SAMPLE OCCUPANCY NOTICE

This notice is given to you pursuant to Section 4.1(d) of your Sapphire South Padre Condominium Purchase Contract(s). Capitalized terms not defined herein have the meaning ascribed to them in your Contract(s):

• You are hereby notified that your Unit(s) is/are Available to Purchaser for Occupancy as defined in Section 1.1 of your Contract(s).

• Construction is now deemed to have been satisfactorily and fully performed and your Unit is available for inspection. Within ten (10) days of your receipt of this Occupancy Notice, your contract requires you to arrange an appointment to inspect your Unit. If you do not make or attend an appointment, Sapphire VP, LP will conduct the inspection and prepare a “punch-list” of minor items to be completed prior to closing or as soon thereafter as reasonably possible.

CONCERNING THE PROPERTY AT:

Unit XXX of the Sapphire Condominiums
310 Padre Blvd., South Padre Island, TX 78597

DISCLOSURE NOTICE CONCERNING LEGAL AND ECONOMIC RISKS OF PURCHASING COASTAL REAL PROPERTY NEAR A BEACH

WARNING: THE FOLLOWING NOTICE OF POTENTIAL RISKS OF ECONOMIC LOSS TO YOU AS THE PURCHASER OF COASTAL REAL PROPERTY IS REQUIRED BY STATE LAW.

• READ THIS NOTICE CAREFULLY. DO NOT SIGN THIS CONTRACT UNTIL YOU FULLY UNDERSTAND THE RISKS YOU ARE ASSUMING.

• BY PURCHASING THIS PROPERTY, YOU MAY BE ASSUMING ECONOMIC RISKS OVER AND ABOVE THE RISKS INVOLVED IN PURCHASING INLAND REAL PROPERTY.

• IF YOU OWN A STRUCTURE LOCATED ON COASTAL REAL PROPERTY NEAR A GULF COAST BEACH, IT MAY COME TO BE LOCATED ON THE PUBLIC BEACH BECAUSE OF COASTAL EROSION AND STORM EVENTS.

• AS THE OWNER OF A STRUCTURE LOCATED ON THE PUBLIC BEACH, YOU COULD BE SUED BY THE STATE OF TEXAS AND ORDERED TO REMOVE THE STRUCTURE.

• THE COSTS OF REMOVING A STRUCTURE FROM THE PUBLIC BEACH AND ANY OTHER ECONOMIC LOSS INCURRED BECAUSE OF A REMOVAL ORDER WOULD BE SOLELY YOUR RESPONSIBILITY.

The real property described in this contract is located seaward of the Gulf Intracoastal Waterway to its southernmost point and then seaward of the longitudinal line also known as 97 degrees, 12', 19" which runs southerly to the international boundary from the intersection of the centerline of the Gulf Intracoastal Waterway and the Brownsville Ship Channel. If the property is in close proximity to a beach fronting the Gulf of Mexico, the purchaser is hereby advised that the public has acquired a right of use or easement to or over the area of any public beach by prescription, dedication, or presumption, or has retained a right by virtue of continuous right in the public since time immemorial, as recognized in law and custom.

The extreme seaward boundary of natural vegetation that spreads continuously inland customarily marks the landward boundary of the public easement. If there is no clearly marked natural vegetation line, the landward boundary of the easement is as provided by Sections 61.016 and 61.017, Natural Resources Code.

Much of the Gulf of Mexico coastline is eroding at rates of more than five feet per year. Erosion rates for all Texas Gulf property subject to the open beaches act are available from the Texas General Land Office.

State law prohibits any obstruction, barrier, restraint, or interference with the use of the public easement, including the placement of structures seaward of the landward boundary of the easement. OWNERS OF STRUCTURES ERECTED SEAWARD OF THE VEGETATION LINE (OR OTHER APPLICABLE EASEMENT BOUNDARY) OR THAT BECOME SEAWARD OF THE VEGETATION LINE AS A RESULT OF PROCESSES SUCH AS SHORELINE EROSION ARE SUBJECT TO A LAWSUIT BY THE STATE OF TEXAS TO REMOVE THE STRUCTURES.

The purchaser is hereby notified that the purchaser should: (1) determine the rate of shoreline erosion in the vicinity of the real property; and (2) seek the advice of an attorney or other qualified person before executing this contract or instrument of conveyance as to the relevance of these statutes and facts to the value of the property the purchaser is hereby purchasing or contracting to purchase.
This is great news for the Island's most impressive new high-rise on the beach!

For more information about the Sapphire Condos on South Padre click here
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Comments
By Maria @ Thursday, December 18, 2008 10:33 PM
Thank God the real estate agents on this island FINALLY get some income. It wasn't their fault that Ocean Towers started caving in, or that Sapphire suffered major electrical damage from a relatively small hurricane like Dolly. It's all the fault of whoever writes the building codes for this island. The citizens of this island should demand better building codes, before another developer gets away with cutting corners. This island has suffered enough lately. These recent high profile incidents involving substandard new construction were largely PREVENTABLE, and hurt property values for everybody else.
By LARRY MARK POLSKY @ Tuesday, December 30, 2008 12:09 PM
I OWN 4 UNITS...I HAVE FILED SUIT AGAINST THE SAPPHIRE FOR FAILING TO TIMELY CLOSE BY OCTOBER 15,2008...IT IS IN CAMERON COUNTY DISTRICT COURT...WE ARE THE NUMBER 1 JURY TRIAL FOR MAY 18,2008 BEFORE JUDGE ALEJANDRO....
By Gary Hubert @ Tuesday, December 30, 2008 8:00 PM
Failed to close in a timely manner? I think what happened is that the economy softened up, and they were depending on the remaining condo sales to finance the completion of the project. Then they got hit with a crummy little cat 2 hurricane, which showed the whole world all the corners they cut on the electrical system. BE GRATEFUL FOR THE DELAY. If you want to sue the developer for something, better aim at the flimsy construction, because this place was clearly not designed well for tropical weather. (In legal terms, isn't that what they call "Unsuitable for the purpose intended", or something like that? Sorry, it's been a few decades since I studied law.) That's what happens when you focus too much on amenities and potential resale value, and not the integrity of the construction.

You sound like some kind of investor, trying to bail out of his contracts. Given the economy and inability to quickly flip the condos for a profit I can hardly blame you, but don't blame the economy for a bad timing on your part. Instead, tell that jury about the poor contruction, where you've got a solid case. New construction which can't survive a Cat 3 hurricane is the fault of the builder and/or those who write the building codes, not you.

Good luck with whatever legal strategy you finally decide upon. You couldn't get me to touch new construction on this island with a ten foot pole, especially after the Ocean Towers incident. If you're looking for a good investment, take a look at some of the other condos on the island that made it through Dolly without a scratch - and forget about all the rest.
By sandy carney @ Monday, January 12, 2009 6:17 PM
Larry...would love to talk to you ASAP re Sapphire
By mary @ Monday, January 12, 2009 9:18 PM
We need to get a few facts into this conversation. First of all Mr. Polsky does not own anything at the Sapphire. He has not closed on the 4 units he reserved AND signed legal and binding contracts on. Also, every realtor in town knows that he is the attorney that goes around making low ball offers on new construction projects and then backing out at the last minute, wasting all of our time thinking he is a real buyer. The Sapphire has started closing and it looks great. We dont need any fly by night investors coming in and making incendiary remarks and causing everyone to panic. The jury in Cameron County will not waste alot of time on such a crazy lawsuit.
By LARRY MARK POLSKY @ Wednesday, January 14, 2009 9:37 AM
MARY...YOU SEEM TO KNOW QUITE A BIT ABOUT ME...EXACTLY WHAT "NEW CONSTRUCTION PROJECTS" DID I MAKE WRITTEN OFFERS ON...AND THEN "BACKED OUT"?....THERE ARE 42 POSSIBLE UNITS ON THE FIRST 6 FLOORS OF THE SAPPHIRE THAT RANDALL DAVIS SCHEDULED TO CLOSE BY 1/15/09...HOW MANY HAVE ACTUALLY CLOSED?...IT'S A MATTER OF PUBLIC RECORD...JUST GO TO THE CAMERON COUNTY COURTHOUSE TO FIND OUT....THERE ARE 31 OTHER PEOPLE WITH ME... SUING RANDALL DAVIS TO GET THEIR DEPOSITS BACK IN THE LAWSIT AGAINST THE SAPPHIRE...ARE THEY ALL JUST AS "SLEAZY" AS ME?
By SPI Resident and Retired Air Force Officer @ Wednesday, January 14, 2009 2:09 PM
Larry,

Sapphire is important to the South Padre Island community and is a great asset for our area.

Why are you making such problems for us?

I am not sure what is worse:
Hurricane Dolly or Hurricane Larry.

You are bad for the community and need to "back off" with your negative vibes - to more private methods if you have an issue with them.

The Sapphire is a great facility, one of the grandest on the Texas Coast. One need only look at it to see that.

The economic conditions of the United States and the Hurricanes that hit the Texas Coast, don't need people making things worse.
By LARRY MARK POLSKY @ Wednesday, January 14, 2009 7:44 PM
"GENERAL"...THEY REFUSED TO RETURN 24 DEPOSITS...SO THEY CREATED THEIR OWN BAD "KARMA"... AS OF TODAY ONLY UNITS 605 AND 608 HAVE CLOSED...SO 40 PEOPLE ON THE FIRST 6 FLOORS AGREE WITH "HURRICANE LARRY"
By Mike Stuart @ Thursday, January 15, 2009 1:47 AM
Check out my article on "Some Condo Buyers On the Texas Coast Want To Exit Contacts" at TexasGulfCoastOnline.com/News
By LARRY MARK POLSKY @ Thursday, January 15, 2009 11:32 AM
MIKE.... I READ YOUR ARTICLE..IT PERTAINS TO CONDO MISREPRESENTATIONS MADE IN A "BROCHURE".... NOT AT ALL PERTINENT TO MY CLAIMS....I AM SUING FOR MY 4 DEPOSITS BACK BECAUSE RANDALL DAVIS DID NOT KEEP HIS WRITTEN CONTRACTUAL WORD AND FINISH ANY OF THE AMENITIES BY APRIL 1,2008...NOR FINISH THE PROJECT BY OCTOBER 15,2008.. HIS CONTRACT STATES "TIME IS OF THE ESSENCE"....HE WAS CLAIMING 148 "FORCE MAJEURE" DAYS PRIOR TO HURRICANE DOLLY WHICH IS NOT SUPPOPRTED BY THE EVIDENCE...MY EXPERT GIVES HIM 14 "FORCE MAJEURE" DAYS OVER THAT SAME TIME PERIOD....MY UNITS ARE ON FLOORS 25,26,27.28 AND MY CLOSINGS HAVE NOT YET BEEN SET...ONLY FLOORS 1-6 HAVE BEEN COMPLETED...HOW LONG MUST I ALLOW MY MONEY TO BE TIED UP? ...I FEEL THAT HE HAS LEGITIMATELY BREACHED THE WRITTEN CONTRACT HE CREATED......AND SHOULD HAVE RETURNED MY $252,000 IN DEPOSIT MONIES...AND THE $42,000 I PAID FOR "UPGRADES"...I HAVE NOT GOTTEN WHAT I BARGAINED FOR...NAMELY MR. DAVIS FULFILLING THE ONLY 2 "DEADL:INES HE PLACED IN HIS CONTRACT...WHICH WERE MAJOR INDUCEMENTS FOR ME TO "SIGN ON THE DOTTED LINE"
By alice @ Thursday, January 15, 2009 12:29 PM
Thank you everyone for your comments regarding the Sapphire on my Blog. This is a very controversial issue and each individual is affected differently according to their situation. My company has contracts on many of the units and to date I don't know of anyone who is suing Mr. Davis. I have had closings already that were not units identified by Mr. Polsky. With regards to the comments made by Mary, I will say to Mr. Polsky that you phoned me and asked me to do research on the Sapphires for you and then went directly to the developer so you could get a LOWER price. NOT NICE. Remember REALTORS ARE PEOPLE TOO! We have also been impacted by the recession and we work solely on a commission basis. I agree with the Air Force Officer that what you are doing is bad for South Padre Island but its obvious that you aren't concerned about that. Do you own anything here? Why don't you do the right thing and honor your commitment, and close on the units like everyone else. Then turn around and sell them if you don't want them. It will probably save you a great deal of money in the long run.
By LARRY MARK POLSKY @ Thursday, January 15, 2009 2:58 PM
ALICE...HOW MANY OF THE 44 UNITS ON THE FIRST 6 FLOORS HAVE CLOSED AS OF JANUARY 15,2009...OTHER THEN 605 AND 608?.... WHY HAVE YOU NOT ADDRESSED THE CONTRACTUAL CONCERNS I HAVE SET FORTH IN MY PRIOR EMAIL?....DO YOU FEEL THE 32 OTHER PEOPLE IN THE LAWSUIT AGAINST THE SAPPHIRE "ARE AS BAD FOR THE ISLAND"...AS MYSELF?..I LOVE THE ISLAND...AND I AM CLOSING ON THE LOT NEXT TO "CACTUS JACKS" THIS MONTH!...AND I FOUND NOTHING WRONG WITH THE SELLER'S CONTRACT!...WHY WOULD A PERSON ON THE 3RD FLOOR PAY $550,000 TO CLOSE THIS MONTH AND LIVE IN OR TRY TO RENT A UNIT WHILE WORKERS ARE IN THE BUILDING FOR THE NEXT 6 MONTHS COMPLETING FLOORS 7-31...AND THE 13 BUNGALOWS?...AND FINALLY ...WHY IN THE NAME OF REASON WOULD ANY PERSON WANT TO SPEND A HALF A MILLION DOLLARS OF THEIR HARD EARNED SAVINGS FOR A PROJECT THAT MAY NEVER BE FINISHED AND MAY GO INTO BANKRUPTCY?...TRY NOT TO BE EMOTIONAL...AND ANSWER MY POINTS!
By Richard @ Thursday, January 15, 2009 7:45 PM
Dude, is your computer stuck on the capitals key? Quit whaling on Mrs. Donahue, she doesn't have to address any of your points. I'm surprised she has even allowed you to write all this ridiculous stuff on her website. At least we all were entertained for awhile. We all sure learned alot about YOU!!!
By Mr. Islander @ Friday, January 16, 2009 7:07 AM
Alice is a good woman. I'm impressed that she's got the integrity to let people speak their mind on HER website, even in the face of serious conflict. She's an optimist, as most agents on this island are, trying to do what's best for the island - and making a respectable living in the process. She has no evil intentions.

The fact that some of the developers experienced major problems this past year AIN'T HER FAULT. You also can't blame her for the recent hurricanes, slow economy, or lack of serious building codes that have recently taken center stage. A little bit of empathy would be more appropriate for somebody who so strongly supports our island.

To me it sounds like for whatever reason you've just decided to back out of your contracts, and are looking for any excuse you can find. I can't blame you, but don't abuse innocent people that are just trying to make a living and improve the quality of life for everybody on the island. At the very least, have enough consideration by NOT trying to start a bankruptcy rumor and making a public nuisance of yourself.
By LARRY MARK POLSKY @ Friday, January 16, 2009 10:33 AM
MR. ISLANDER...I WANT YOU TO IMAGINE THAT ON DECEMBER 10,2005 YOU SIGNED A CONTRACT WITH RANDALL DAVIS TO PURCHASE A 10TH FLOOR UNIT...THE CONTRACT GUARANTEED A CLOSING DATE BY APRIL 8,2005...THAT AS OF JANUARY 15,2009 YOUR CLOSING HAD NOT BEEN SET...AND ONLY THE FIRST 6 FLOORS OF THE 31 STORY SAPPHIRE HAD BEEN COMPLTEED AND ONLY THESE FLOORS HAD A CERTIFICATE OF OCCUPANCY......WOULD YOU ASK FOR YOUR DEPOSIT BACK UNDER THESE CIRCUMSTANCES TELLING RANDALL DAVIS HE WAS 275 DAYS LATE ON HIS PROMISED CLOSING DATE...OR WOULD YOU WAIT AS LOG AS IT WOULD TAKE TO FINISH THE BUILDING?...WOULD YOU BE "BAD FOR THE ISLAND"...TO SUE RANDALL DAVIS FOR YOUR DEPOSIT BACK UNDER THESE FACTS?
By LARRY MARK POLSKY @ Friday, January 16, 2009 11:47 AM
CORRECTION..THE CLOSING DATE WAS APRIL 8,2008..NOT 2005!
By Realtor @ Friday, January 16, 2009 12:32 PM
Where are the other 36 or so plantiffs in your lawsuit? Why haven't we heard from them? I do not have any of my buyers cancelling their contracts and asking for their deposit back. Some have discussed listing after they close but many are very happy with their purchase. Some are looking forward to using their units and others are excited about the future rental income. Larry, let us know when you finally close on something and we will throw you a party.
By LARRY MARK POLSKY @ Friday, January 16, 2009 5:42 PM
AS OF JANUARY 13,2009...AT 5pm..UNITS 504 AND 2504 HAD CLOSED IN 2008...AND 605 AND 608 IN 2009...IT DOESN'T SOUND AS "ROSY" AS THE REALTORS HAVE PORTRAYED ON THIS BLOG.IT APPEARS NOONE IS SARTISFIED WITH MR. DAVIS!....ANYONE WHO WANTS TO KNOW THE TRUTH CAN CALL THE CAMERON COUNTY CLERK'S OFFICE..... AND SEE IF I AM LYING...BECAUSE SOMEONE IS!
By Mr. Islander @ Saturday, January 17, 2009 7:07 AM
Mark,

Every property owner on the island got badly hurt last year due to the bad economy, hurricanes, and a lack of serious building codes. You can't blame the real estate agents on this! It is their job to highlight the attractive features of the island and it's property. They are just trying to earn a respectable living in the face of extreme hardship that is not of their own making!

You knew what the risks were in buying new property. Developers of large projects depend on new sales to get the loans they need to finish their projects. When the economy gets soft, big projects like this naturally slow down. You're a business man, you already know how these things work. Throw a hurricane on top of that, and you're going to have MORE delays. Yes, there is more risk when you buy into any new project, but that's why you get a better price up front. I could also argue that many of the extra problems were due to building codes not suitable to withstand tropical weather, not necessarily the fault of the developer.

OK, now you want out, and that's perfectly understandable. But don't take it out on a real estate agent who did nothing wrong. If a new car salesman sold you a lemon, would it be fair to blame the salesman? The bottom line is that you experienced some bad luck, like most every other property owner on this island. So instead of blaming the agent, accept responsibility for your own bad luck and take it like a man!!!

Trying to start a bankruptcy rumor is an especially bad idea on your part. If you start scaring other potential owners out of that building by trying to start a mini-revolution it would be bad for the whole island. I'm confident that the building will eventually get finished, and it has the potential to actually increase property values on the island. But if you scare away all the customers, we're going to have another major problem on this island that we don't need.

Take it like a man,and accept responsibility for your own mistakes. Close the units you already contracted for, and then flip them when the economy gets better. Play your cards right, and you could even make a nice profit.
By LARRY MARK POLSKY @ Saturday, January 17, 2009 9:34 AM
MR. ISLANDER...JUST 3 POINTS...WHERE IN MY COMMENTS HAVE I BLAMED ANY REAL ESTATE AGENT FOR ANYTHING.... HOW LONG SHOULD Mr. DAVIS' PURCHASER WAIT TO CLOSE?...THE CONTRACT LISTED THE CLOSING DATE AS APRIL 8,2008...AND IT WAS SIGNED ON DECEMBER 10,2005...IF YOU CANNOT ANSWER THESE 2 LEGITIMARTE QUESTIONS..YOUR COMMENT IS NOTHING MORE THEN AN EMOTIONAL APPEAL...AND NOT SUPPORTED BY THE REAL FACTS......I AM NOT TRYING TO "SCARE" ANYONE BY USING THE "B" WORD...MY POINT IS THAT IF ONLY 4 UNITS HAVE CLOSED AS OF JANUARY 13,2009 OF THE 44 UNITS ON THE FLOORS 1-6... WHICH HAVE THE CERTIFICATE OF OCCUPANCY..WHERE WILL THE MONEY COME TO FINISH THE BUILDING...THERE ARE 25 MORE FLOORS THAT NEED TO BE FINISHED,,,AND 13 BUNGALOWS...IF IT WAS YOUR $50,500 THAT HAD BEEN IN ESCROW FOR 37 MONTHS...AND THE DEVELOPER WAS 300 DAYS LATE ON HIS CONTRACTUALLY MANDATED/PROMISED APRIL 8,2008 CLOSING DATE...WOULD YOU BE SO "CAVALIER" IN YOUR ADVICE?
By LARRY MARK POLSKY @ Saturday, January 17, 2009 11:16 AM
P.S...IF YOU LOOK ON ALICE'S WEBSITES SALES STATISTICS FOR CONDOMINIUMS SELLING FOR $400,000-$700,000...THERE HAS BEEN ZERO SALES SINCE SEPTEMBER 1,2008 THRU JANUARY 17,2009...I REITERATE.... WILL THERE BE A SUFFICIENT AMOUNT OF SATIFIED PURCHASERS WHO CLOSE ON THE NECESSARY AMOUNT OF SAPPHIRE UNITS TO INSURE IT'S COMPLETION?...AT LEAST WITH THE OCEAN TOWERS THE DEVELOPER GAVE THE PURCHASERS THEIR DEPOSITS BACK WHEN HE REALIZED HE COULD NOT PROFITABLY COMPLETE THE PROJECT...NOONE HAD TO SUE DOMIT TO FORCE HIM TO "DO THE RIGHT THING!"
By Mr. Islander @ Saturday, January 17, 2009 5:47 PM
Larry,

Sorry for the misunderstanding. It looked to me like you and Alice were squabbling, and I know she is a woman of high character, an innocent victim of last year's unfortunate events.

Why don't you just make it easy on yourself and everybody else by negotiating for a lower price? Surely there must be some motivation for both you and the developer to do that. The LAST thing we need on this island is another major problem - we've had enough of those during the past year to last a lifetime!

Sapphire is a BEAUTIFUL building, and after the island gets back to normal, everybody will have forgotten about how it got so badly clobbered by a crummy little cat 2 hurricane. Buy your condos now at a reduced price, then flip 'em in a couple years, and you could still make a nice profit. That sure as heck beats getting wrapped up in a big legal battle.
By LARRY MARK POLSKY @ Sunday, January 18, 2009 6:30 AM
YOUR COMMEMT IS AOOD ONE!.....AND A "DEEP" DISCOUNT" IS ALWAYS A WAY TO SETTLE...WE WILL SEE WHEN MEDIATION OCCURS IN APRIL...AND I HOPE ALICE CLOSES ON LOTS MORE PROPERTIES THIS YEAR THEN LAST......SHALOM!
By Maggie @ Sunday, January 18, 2009 9:59 AM
Does anyone know where Catcus Jacks is located??? Lets hope its not on the Island.
Sounds like Mr. Larry just wants a larger discount on his units, being an attorney he will try his hand in court.
By LARRY MARK POLSKY @ Sunday, January 18, 2009 10:28 AM
MAGGIE ..IMAGINE YOURSELF AS THE 10TH FLOOR UNIT...WITH THE PROMISED APRIL 8,2008 CLOSING DATE...HOW LONG WOULD YOU GIVE MR. DAVIS TO CLOSE?...IF YOU WON'T ANSWER MY "FAIR" QUESTION"...THEN YOU ARE NOT A "FAIR PERSON.."..P.S. ..CACTUS JACKS IS IN THE 4600 BLOCK OF PADRE BOULEVARD...THAT IS WHERE I WILL BUILD MY LAW OFFICE/BOXING GYM ...ONCE THE CASE SETTLES!
By Mr. Islander @ Sunday, January 18, 2009 10:50 AM
Larry, When you talk like that I'm more convinced that ever that you should have used a Real Estate Agent in the first place. They would have done everything possible to solve your problem without a big legal mess. Why is that you lawyers think the only way to solve a problem is by taking (or threatening) some kind of legal action. Really, I think you could have come out far ahead if you had used a REALTOR to gain the benefit of a little more objectivity.

Another thing to consider is that the developer probably gave up hope of ever making a profit on this project a long time ago. Right now they're probably just trying to cut their losses.

Don't overlook the fact that that although the upper floors still need a lot of work, the project is still at least 90% complete. That building ain't going away, and the creditors will be forced to put as much money into that project as required for completion. Even if the developer goes broke, the building will remain, and the condos will eventually be sold. The investment potential remains. The "payoff" period for the buyers just became longer, that's all. There simply is no chance that it will fall into the sea, as might happen with Ocean Towers!

Really Larry, try to forget for a while that you're a lawyer. Just give that developer a "friendly" call, and suggest a proposal, before this thing gets out of hand, spirals out of control, and negatively impacts the island.
By LARRY MARK POLSKY @ Sunday, January 18, 2009 2:39 PM
Mr. ISLANDER.LET'S STOP WITH WHAT'S "GOOD FOR THE ISLAND".."AND LET A REALTOR WORK IT OUT"....... PLEASE PUT YOURSELF IN THE SHOES OF A BUSINESSMAN WHO HAS PLEDGED $505,000 TO PURCHASE A UNIT!..THEN PLEASE ANSWER THIS QUESTION...WHICH I HAVE REPEATEDLY ASKED EVERYONE TO ANSWER...."IF YOU HAD PUT DOWN $50,500 TO PURCHASE A 10TH FLOOR UNIT ON DECEMBER 10,2005....AND YOU WERE PROMISED ..IN WRITING ..AN APRIL 8,2008 CLOSING DATE.AND YOU RELIED ON THAT DATE IN MAKING PLANS TO OBTAIN FINANCING....MONTHS BEFORE APRIL 8,2008.........HOW MANY DAYS WOULD YOU GIVE THE DEVELOPER PAST APRIL 8,2008 TO CLOSE....WOULD YOU WAIT A FULL YEAR...WITH NO CLOSING SET...AND "BE PATIENT"...OR WOULD YOU HAVE ASKED FOR YOUR DEPOSIT BACK...SAY AT THE 180TH DAY AFTER APRIL 8,2008..NAMELY BY OCTOBER 8,2008...UNTIL YOU GIVE ME AN ANSWER..YOU DO NOT ADDRESS THE VERY ESSENCE OF THE CLAIMS...NAMELY THAT RANDALL DAVIS MADE A WRITTEN PROMISE TO CLOSE...HE DID NOT KEEP IT...AND HE HAS NO LEGITIMATE REASON NOT TO RETURN A PERSON'S DEPOSIT WHEN HE IS A YEAR LATE ON HIS PROMISED CLOSING DATE...ISN'T THAT THE REASON PEOPLE PUT "DEADLINES" IN CONTRACTS...TO INDUCE PROPLE TO SIGN THE CONTRACT ..KNOWING WHEN TO EXPECT "THE GOODS!"..FINALLY..PLEASE EXPLAIN TO ME...WHY UNDER THESE FACTS A "FAIR"DEVELOPER" WOULD NOT MERELY RETURN THE DEPOSIT...AND FIND ANOTHER BUYER..IF YOU SAY IT WILL BE DIFFICULT TO FIND ANOTHER BUYER IN THESE "HARSH TIMES"...YOU WOULD BE CORRECT. BUT ON THE "FLIP" SIDE....IT HAS BECOME NEARLY IMPOSSIBLE TO OBTAIN A SECONDARY JUMBO MORTGAGE POST OCTOBER 15,2008...ISN'T "WHAT'S GOOD FOR THE GOOSE GOOD FOR THE GANDER"...REMEMBER...RANDALL DAVIS MUST GO IN FRONT OF A JURY AND CONVINCE THEM HE HAS 365 LEGITIMATE DELAY DAYS FROM JUNE 1,2006(THE BEGGINNING OF CONSTRUCTION) THRU APRIL 8,2009( THE DATE THE 10TH FLOOR UNIT WILL PROBABLY BE SCHEDULED FOR CLOSING)....A PERIOD OF 1056 DAYS...HE IS SAYING HE COULD NOT WORK 1/3 OF THE TIME ON A PROJECT THAT HE PROMISED WOULD BE COMPLETED IN 2 YEARS...DOES A CONDO BUYER WANT TO ALLOW ANY DEVELOPER"CARTE BLANCE" IN FINISHING A PROMISED PROJECT...IF THAT WAS THE CASE RANDAL DAVIS SHOULD HAVE PUT A CLAUSE IN HIS CONTRACT STATING THAT HE AND ONLY HE WOULD DETERMINE HOW MANY YEARS AFTER THE CONTRACT WAS SIGNED THE CLOSINGS WOULD TAKE PLACE...WOULD ANYONE IN THEIR RIGHT MIND SIGN SUCH A CONTRACT...PLEASE BE COURTEOUS ENOUGH TO ADDRESS THESE POINTS...AND NOT GLOSS THEM OVER BY TELLING ME TO CLOSE AND WAIT A FEW YEARS TO "FLIP" AND MAKE A PROFIT...BECAUSE I WILL ADHERE TO YOUR ADVISE AND CLOSE..IF YOU WILL GIVE ME A WRITTEN GUARANTEE THAT IF I ADHERE TO YOUR ADVICE.... YOU WILL PURCHASE THE CONDO FOR WHAT I PAID FOR IT IF I CAN'T MAKE A PROFIT BY DECEMBER 31,2012...YOU KNOW HOW TO GET A HOLD OF ME!.....IF YOU WON'T "PUT YOUR MONEY WHERE YOUR MOUTH IS"....THEN YOURWORDS ARE MEANINGLESS!
By Mr. Islander @ Monday, January 19, 2009 10:19 AM
Larry,

I've got a hard time believing that you're making a big stink in public about this just because you want to back out of your contract. I can understand and appreciate why you want to back out, REALLY I CAN. You've got some valid points, I won't argue with that. A lot of other buyers have had second thoughts too! But a smart buyer would have privately called the developer and asked for a 20% discount, or something in that area. You also know that the developer can't just open his wallet and hand you your deposit back, it's more in the hands of the project lender now. I suspect the developer is WAY past the point of making a profit on this project, and any deposits were likely spent long ago. Also, no developer in their right mind would give you your money back or give you a reduced price without a serious NDA. To do otherwise would risk further financial damage to the developer/lenders. You know that, but again you insist on going public with your problem.

I'm not sure, but to me it looks like you're doing this for the publicity. You want to open up a office on the island and become one of those junk yard lawyers that advertises on daytime soap operas and late night television, right? "Got a problem, bring it to me, and I'll get the bad guys! I've done it before, and I know these creeps! I can jump into my phone booth at anytime and quickly emerge as YOUR super hero! I got my office located right here on the island, for your convenience!"

Seriously, I'll tell you a little secret Larry. The most successful real estate agents, the ones who have been in business for years, tend to work with lawyers that use their legal background to solve problems and close deals, not stir up new problems. Get that deal to the closing table.

Larry, this is a peaceful island, and we would like to keep it that way. If you want to make a good living here, it's important to start by developing good relationships with the other professionals who live and work here. Big-City politics doesn't work here, that's why people come here on vacation to relax and have fun.
By LARRY MARK POLSKY @ Monday, January 19, 2009 11:30 AM
MR. ISLANDER...WHY WON'T YOU ANSWER MY REPEATED QUESTIONS TO YOU...ARE YOU "INTELLECTUALLY CHALLENGED"...OR IS THE ANSWER "TOO PAINFUL" TO WRITE?
By LARRY MARK POLSKY @ Monday, January 19, 2009 12:20 PM
P.S. MR. ISLANDER... THE DEPOSITS ARE SAFE AND SOUND IN ESCROW.....ANY CHANGES IN YOUR THOUGHT PROCESS?
By Fed Up @ Monday, January 19, 2009 4:42 PM
This guy is just an ambulance chaser who keeps having to move from place to place because he burns all his bridges with his BIG MOUTH. Lets not feed his ego anymore - bye Larry!
By M Naegelin @ Friday, January 23, 2009 2:55 PM
I have been interestingly reading the posts regarding the sapphire project and can honestly say several good points have been made. Quite obviously the project is past due for completion, at a minimum, and in jeopardy of failure, at a maximum. While unpopular, Larry makes a great point. The purpose of contracts is to "set on paper" the terms of a transaction. Clearly one's money should not be held for an indeterminable period of time.

Those of you who have chosen to be patient and not pursue action may be in for a rough time. I cannot emphasize enough how the world has changed since the projected close date of April 2008. The economic conditions of the last year are unprecedented. Real estate values nationally have plummeted and the availability of credit has tightened so dramatically that is very difficult to finance projects. While the Federal reserve is attempting to infuse capital into the market and thereby drive mortgage rates down, it is without question money supplies are tighter, and rightly so.

As it relates to this project, my thoughts of investing are skeptical at best. Larry is right to be concerned and all of you who have deposits should be. This is not about "bashing" the island or a real estate agent. Serious dollars are being invested here and the days of hold and flip are over my friends. You should be prepared for a serios devaluation of your asset. It may or may not occur at south padre island and any one who says they know is purely speculating, but other markets not protected by Mexican national or oil and gas money have been devastated. To believe "the island" is immune to this may be dangerous.

Many of you may remember the late 1980's and the RTC (resolution trust corporation). What is going on today is very, very similar. Banks will fail and the government will be involved. May not be just like the RTC, but if it is, god help us.

I only post this as someone who wants people to make "educated" decisions in difficult times. Not suggesting everyone panic and run to the courts. Litigation is a very time consumming, expensive and emotionally draining endeavor.

Just be aware that life is different now and any developer caught in the middle is bound to be experiencing lost profits, tight credit and the uncertainty of the future.
By alice @ Sunday, January 25, 2009 1:46 PM
Marty - Thank you for your insightful comments regarding the real estate market on South Padre Island. Considering the devastation of Dolly and the economy I am excited to report that we have had a good start to 2009 with buyers looking for second homes and investment property. Some are wanting new construction and some are leaning toward older properties but the good news is that they are here and don't seem to have the buyer hesitation we saw in the last quarter of 2008. I will not refer to a specific property or developer but at this time (and I have sold units in most of the buildings) I don't know of any who are going under. No one in my firm had any clients buy at Ocean Towers. God really blessed us by dodging a big bullet last year, we could have had the devastation of IKE that Galveston has had. I don't have a crystal ball and cannot speak for my colleagues but am encouraged by the traffic on our website and the interest overall in South Padre Island. We have some new data we will be sharing with you all shortly on our TexasGulfCoastOnline.com and AliceDonahue.com sites so stay tuned! Thanks again for your support.
By Sapphire Buyer @ Monday, January 26, 2009 2:11 PM
We made SEVERAL attempts to negotiate a lower price with the developer of the Sapphire, to which no letters or phone calls were ever returned. As a last resort, we joined Mr. Polsky's lawsuit group as an attempt to get a portion of our deposit back or a discounted price.
By Mr. Islander @ Monday, January 26, 2009 3:14 PM
Just out of curiosity, is Mr. Polsky charging you a fee to join his lawsuit, or in any way receiving compensation for his services?
By 9th floor Buyer @ Monday, January 26, 2009 8:43 PM
I am a Realtor in Las Vegas, I too purchased a unit at Sapphire and now have many concerns regarding closing on my unit. My 2 dear friends (who are also Realtors) have joined Mr. Polsky in this Lawsuit, as they have the exact concerns as him. As M. Naegelin posted, "the world has changed since the projected close date of April 2008", this can not be disputed.

I have seen many properties here drop in value by more than 50% of their purchase price. I have seen condo projects unable to finish completion because of unavailabilty to obtain fiancing. We have all seen banks close, and many of us have seen our stocks plummet.

Yes, we are INVESTORS who at the time of our contract agreed in good faith to adhere to the terms of the contract. Time is of the essence...which means that when you do not perform as contracted, you are in default, unless all parties agree to make a change, and all parties in writing sign and agree to the change.

I can personally tell you that this DID NOT happen in my friend's case. When the contract closing date came and went, the Builder REFUSED to give them back their deposit money, and refused to let them out of the contract when it was the Builder who did not perform as to HIS contract. Unfortunately legal action is pending, and yes Mr. Islander, Mr. Polsky is a hired professional, he most certainly will be and should be compensated for his services.

Mr. Polsky is trying to solve this problem, I understand that mediation is this April. Sapphire is a beautiful building, and I encourage anyone visting SPI to check it out....One more thing, I was just informed by the Sapphire by e mail that as a Purchaser of coastal real property near the gulf coast beach, that "much of the Gulf of Mexico coastline is eroding at rates of more than 5 feet per year." The disclosure went on to say I would be responsible for costs incurred should the structure become located on the public beach....Wow, this latest disclosure (which is required by state law) was dated 12/10/07....a material fact that was just e mailed to me 1/23/08 when theynotified me that my unit was ready to close!....not sure if that was in "good faith"

By 9th floor Buyer @ Monday, January 26, 2009 8:48 PM
The disclosure was just e mailed 1/23/09!
By Mr. Islander @ Tuesday, January 27, 2009 8:26 AM
I'm not a lawyer, but I'm fairly sure that disclosure you spoke of has been a requirement to any closing of coastal property for some time now. (years?) A lot of people don't realize that there has been significant coastal erosion, and that should be a significant consideration for anybody buying gulf front property. Some of the beach houses south of Galveston are now gone/useless, I think that is what prompted the required warning. Walk along the beach at high tide, and you sometimes have to dodge somebody's house. Sad but true. So don't blame changing setback laws/disclosures on the developer. I'm not sure, but I seem to recall one of the delays involved with the Sapphire project had to do with the required setback from the gulf. So some of your own closing delay you have personally experienced could actually be in your own best self-interest. (For example, look at the setback of the Raddison. They have the best beach on the island, because it is set back so far from the water.)

I am sensitive to your closing delay issues, really I am. I would be frustrated and mad too. At this point it will be hard (but not impossible!) to negotiate with the developer, because the project did not reap them the riches they had hoped for. I'm not privy to their balance sheet, but at this point I bet they're just trying to cut their losses. You also can't blame them or anybody else on the economic downturn or hurricane.

I don't think you have to worry about a 50% loss on your property, or anything close to that. One could try and argue that with 382 condos on the island for sale and only one actual condo sale reported this month on MLS that island condos are nearly worthless, but that would be absurd. A better way to look at it from the investment perspective would be condos on this island are currently "illiquid assets". You certainly can't blame the developer for that! Realtors always say: "A property is only worth what you can get for it", but that logic doesn't work well in an illiquid market. Five years down the road I'm quite sure your condo will be worth significantly more than you paid for it.

Now enter an ambulance chaser with a personal stake in all this, and you've really got a three ring circus. Anything that causes a further delay of that beautiful Sapphire project is BAD FOR THE ISLAND. The hurricane showed us all that Sapphire had some electrical system shortcomings, but that doesn't change the fact that it's going to be one of the most luxurious properties on the island. For the good of everybody who owns property on this island, we need to get this Sapphire project finished, and full of happy owners, ASAP.

My personal opinion is that the developer has a right to claim some legitimate delays for the hurricane, and other events beyond their control. Beyond that, it's open for negotiation (not yelling and screaming). By hiring a lawyer to make trouble, you're forcing the developer into a VERY defensive posture, and risk not getting the best possible outcome. (I bet if they offered you a 20% discount, you'd jump at it right? Because you still want to live there happily ever after, right?)

From my standpoint, an independent observer, all I see here is a bunch of aggressive finger pointing that is unlikely to result in a happy ending for anybody. You must ask yourself if your desire to bail out is really a result of some delays beyond the developer's controls, delays in which the developer should take responsibility, or a serious change in the economy that makes you want to back out of your contract. I suspect the real answer is some combination of all three, and taking the extreme position of hiring an ambulance chaser is probably not in your best interest - at least not at this point.

That's just my opinion. I don't represent the developer, or any of the buyers. I just want to see this resolved in a manner that is best for the overall welfare of the entire island. I hate to see serious conflict like this. People come here to relax and unwind, and that's the way it should be. If you get too uptight about this situation, then just rent a beach front condo in the area of the Sapphire for a week, and watch the waves and palms melt away your tension. The island has that kind of magic, if you just give it a chance. Good luck with whatever you decide to do. I look forward to seeing you on our beautiful beach soon!
By LARRY MARK POLSKY,ESQ. @ Tuesday, January 27, 2009 11:54 AM
MR.ISLANDER...YOU HAVE CALLED ME AN "AMBULANCE CHASER" REPEATEDLY.....I WOULD LIKE TO DISPUTE YOUR SLANDER...SO MERELY STATE YOUR REAL NAME...AND I WILL SUE YOU ...AND WE WILL LET A CAMERON COUNTY JURY DECIDE WHETHER I AM AN "AMBULANCE CHASER"....IF YOU HIDE BEHIND YOUR INTERNET NAME.....YOU ARE A LIAR AND A COWARD...AND YOU MUST LIVE WITH THAT KNOWLEDGE...
By Mr. Islander @ Tuesday, January 27, 2009 4:32 PM
I looked up the term "Ambulance Chaser", and here is the definition I found:

"an unethical lawyer who incites accident victims to sue"

Based on the published legal case linked below, I think any reasonable person would agree the term "Ambulance Chaser" fits VERY well:

http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=hi&vol=2006_09/27463&invol=1

So Sapphire buyers, you have a choice to make. You can try to settle your problems "off-line" with the developer, or you can turn your problem over to a known ambulance chaser who tries to stir up trouble on Alice's web site, whose comments on this board suggests he only knows the language "sue, sue sue", and aims to profit from hurricane Dolly - an accident of mother nature.
By alice @ Tuesday, January 27, 2009 5:55 PM
Thank you Mr. Islander, I agree with you that the problems should really be dealt with off-line. I personally spoke with Mr. Davis and he told me that he would be happy to speak with any buyer who calls him to address their concerns. My concern is for the people who have gotten on this crazy bandwagon of Larry Polsky's. PLEASE do not allow him to bring you down with him. The Sapphire is a beautiful project and Randall Davis is a great developer who builds quality highrises. I encourage all of you to deal with the Developers and see if something can be done outside of court. This mudslinging has gone on long enough and I do not wish my website to be a mouthpiece for troublemakers any longer. Lets all try to do the right thing!
By Mr. Islander @ Tuesday, January 27, 2009 7:13 PM
I agree 100% Alice. I expressed my opinion, so I'll rest my case now.

Thanks for the great web site. You, your business, and your web site are all great assets to this island. I wish you the most luck in 2009!
By LARRY MARK POLSKY,ESQ. @ Tuesday, January 27, 2009 7:52 PM
ALICE...I WAS SUED PERSONALLY TODAY BY THE SAPPHIRE FOR MY COMMENTS ON YOUR WEBSITE ALLEGEDLY INTERFERING WITH HIS EXISTING CONTRACTS....IF YOU AGREE WITH HIM...WHY DON'T YOU "ERASE" ALL OF MY COMMENTS...AND BLOCK ME...IF YOU DON'T BY NOON TOMMOROW...I WILL ADD YOU AS A THIRD PARTY DEFENDANT FOR ALLOWING MY COMMENTS TO REMAIN ON YOUR BLOG....LARRY MARK POLSKY,ESQ.
By LARRY MARK POLSKY,ESQ. @ Tuesday, January 27, 2009 7:55 PM
P.S...MR ISLANDER...WHAT IS YOUR NAME?....IS YOUR CONFIDENCE IN YOUR DEFAMATORY STATEMENTS ABOUT ME SO WEAK THAT YOU WOULD NOT LIKE TO AIR THEM OUT IN COURT?
By alice @ Tuesday, January 27, 2009 8:27 PM
Go for it Larry! Maybe you should have thought about the consequences before you wrote the comments. And by the way, threatening me on my own blog is really uncool. I think by now your co-plaintiffs are figuring out how scary you really are and hopefully won't want to be associated with you.
By Alan chodrow @ Wednesday, January 28, 2009 6:11 PM
I am looking forward to closing on my unit.
ByMs. High-rise @ Friday, January 30, 2009 10:27 AM
My opinion of Sapphire is that it is a gorgeous building. The common areas are incredible. The stone work in the lobby is so beautiful... The work out facility is not only very large, but filled with name-brand equipment. As a marketer of properties in South Padre since Bahia Mar, then Bridgepoint, I have to say this is the most beautiful building on South Padre Island and I absolutely do not understand the negative comments on this Blog. Compared to all the high rises, with which I have been in charge of sales, I have to say that this resort condominium takes the prize. Take a tour for yourself and see why so many people bought and why 9 have already closed and 30 more have set dates to close, including myself.
By Weight Trainer @ Monday, February 16, 2009 2:44 PM
I'd like to comment on the Sapphire, during the install of the Cybex equipment we had a look around on the 1st floor. The owner visited while we were in the middle of the install and the entire 1st floor cleared out allowing him to inspect and note any and all poor worksman ship, we had pointed out a few flaws in the training rooms that they had noted. The owner was a very business oriented man, very honest about things (who wouldnt be with anything ranging in the million dollar plus range).

It was a very unfortunate thing that S. Padre was hit by the hurricane, but this comes as no surprise we do live along the Gulf Coast and these things aren't myths. I would have to say that if you are going to build anything it should be built tough and able to withstand something along the lines of H4 or better. But when you build to higher altitudes it becomes a bit tough.

S. Padre is a blessing to Texas, those of you fortunate enough to live or own property there are extremely lucky individuals & I'm jealous. Just know - your island will receive healthy controbutions from my wallet on an annual basis. My wife and 4 children love the island and will return for annual visits. Don't let a bad apple spoil the bunch for you folks...thats typical of attornyes these days!
By Weight Trainer @ Monday, February 16, 2009 2:48 PM
p.s. And yes the building inside & out are a beautiful sight...what I wouldn't give for a couple of days to relax sea side by the pool(s).
By ELIJAH THOMAS POLSKY @ Friday, May 01, 2009 3:41 AM
JUST TO BE NOTICED I THINK I'LL WRITE IN ALL CAPS TOO. I APOLOGIZE FOR MY FATHER EVERYONE, HE DOESN'T MEAN ANY HARM, IT'S JUST THE WAY HE IS. ALTHOUGH HE SHOULDN'T HAVE BEEN MESSING WITH THAT WORD "KARMA" IT'S A LOT MORE POWERFUL THAN YOU THINK DAD.
By Michael Stuart @ Friday, May 01, 2009 11:44 AM
You are so right about that, it is as certain as any force we know of on earth.

"Do not judge, or you too will be judged. For in the same way you judge others, you will be judged, and with the measure you use, it will be measured to you." - The Lord Jesus Christ
By noname @ Saturday, May 02, 2009 4:17 AM
From a millionaire to his children. An individual letter to each child stating with a dollar bill, " This is your inheretance, invest it wisely."
Larry Mark Polsky.
By Amy @ Saturday, May 02, 2009 4:20 AM
From a millionaire to his children. An individual letter to each child stating with a dollar bill, " This is your inheretance, invest it wisely."
Larry Mark Polsky. Karma???
Law of attraction.
By cart mellauneas @ Monday, May 18, 2009 9:25 PM
I am assuming that you are looking at real estate as an investment. ( and not
as a need to buy a property). My personal view is that real estate is still
due for more correction...this is primarily becuase still the real estate
markets is highly inflated. If you compare the international real estate
prices, especially after the subprime crisis. There has been a gap that has
been created. And suddenly the market in the US or eurpoe have become very
lucarative. This gap has to narrow down. Thus real estate prices in India are
set for a further fall.
cart456
<a href="http://www.fastrealestate.net"> real estate</a>
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