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GavelChopper: Vue Prices Cut, Lawsuit Update

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It's a first-ever PriceChopper plus lawsuit update! First, it sounds like a resolution is near in that lawsuit filed against Beverly Hills-based developer Galaxy Commercial Holding by a group of buyers at San Pedro's Vue condo project. You'll recall that buyers couldn't close on the units for financial reasons, so they sued (granted, the suit had some questionable arguments, including fraudulent marketing of the building's views). "A class action was filed, and the class members and the defendants entered into a settlement that was preliminarily approved on May 18th by the judge," Greg Weston, the San Diego-based lawyer for defendants, tells us. "We expect the settlement checks to be mailed in late September." There's a dismissal hearing set for September 17th. According to Weston, the settlement means that buyers will get their deposits back, but the amounts will only be 1/3 of the original deposit amount. The Bluewave Group.'s James McWhorter, one of the real estate agents repping the building, confirms the settlement talks and the 1/3 number. Meanwhile, the building, which is now a rental/sales hybrid creature, dropped prices on about 80 percent of its remaining units. A 700 square foot unit that was listed at $358,364 is now $278,000. McWhorter also adds that roughly 50 percent of the building is now leased.
· 255 W 5th St #701 [Redfin]
· Vue’s Views Bring on Lawsuit in San Pedro [Curbed LA]