Nineteen units in Downtown Miami’s Quantum on the Bay condominium have been scooped up for $5.2 million in a bulk buy, leaving only 18 units remaining the 698-unit complex, the South Florida Business Journal reported. Developer Terra-Adi International Bayshore, the owner of the building, took $245.82 per square foot for 16 units in the north tower, where prices had averaged $318.35 per square foot prior to the sale. The three remaining units were in the south tower, where prices had averaged $303.03 per square foot; the three units went for $225 per square foot. The buyers, Miami-based Real Estate Investment Consulting Group, managed by Paul Jarquin, and Miami Beach-based MIG US, managed by Mathieu Massa, formed Rei Quantum for the purchase. [SFBJ]

A state appeals court has offered South Florida condo buyers some relief in the form of refunded deposits for units in developments caught in the real estate bust. Buyers whose contracts include a liquidated damages clause are entitled to 25 percent of their money back, the Third District Court of Appeal said, even if they are eventually are found to be in default. The decision backs a Miami-Dade Circuit Court ruling in a case filed by attorney Robert Cooper against Terra Group, in which about 20 buyers put down $80,000 each in deposits on units at Quantum on the Bay in Miami. They later backed out of the deal, saying the developer did not deliver on promised amenities and monthly maintenance. The latest ruling could have a major impact on condo buyers elsewhere, according to Joseph Altschul, an attorney who is representing buyers trying to get out of their contracts at Trump International Hotel in Hollywood. [SFBJ]