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Their other choice is to fund the actual purchase at completion and hope the value appreciates over time so they do not take a loss by walking away from their deposit. This generally involves renting the units. Now if there are a lot of rentals on the market as in many investors who got stuck like this, then the rents drop since $1000 a month beats asking $3000 a month for four months with no renters. Well when one can rent the unit cheaply why buy it. Appreciation becomes doubtful and that is one way a real estate bust occurs.
There are lots of other bust scenarios as well. Well these investors in Ice Tower were licking their chops regarding the anticipated profits and now they are going to just wind up with a refund for all their trouble and waiting. They also might have been able to buy a different project instead of Ice at the lower prices back then and that project may have actually completed and then they could have realized profits. So they had a hidden loss of opportunity at the very least.
On Sunday, June 24, 2007 cement mixer trucks were pouring cement into the hole that was destined to be Ice Towers foundation, which of course is no longer a viable project. So were they just filling in the hole with expensive concrete or were they pouring the concrete to finish the foundation, which could be used for another residential building on the same prime location. Since the Ice Tower team indicated according to La Prensa newspaper that another building would be going up in its place this is what could be what is going on, but we do not know this. What we do know is that cement trucks were pouring cement into the foundation to fill it.