Worst case senario

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My retired father put a contract on an Epcon Community in NC last May 2006. Contract was for $193,000 + upgrades. Compeletion Dec 2006 or Jan 2007. Condo still not complete. In the meantime the price of this particualr condo ( the smallest plan they have) has been reduced to base price of $175,000. I am hoping that the developer will renegoiate the contract for the lower price, as at his age buying property with so much negative equity is foolish. He has a $6000 binder down. What is the worst case senario if he does not go through with this sale. Does the developer has any obligation to sell the property to him at the $175, 000 price since the construction has taken so long ? Thank you