The Real Deal Miami

FL condo investors turn to courts to break contracts

September 11, 2008 09:27AM

Florida investors are turning to court to cancel their condo contracts and get their deposits back. Many of the investors were looking to flip condos quickly for a profit, and a recent series of legal decisions show it won’t be easy to back out of deals. Florida courts say unless it’s a bona fide contract dispute, the investor’s chances of winning will be slim. Condo prices in Florida are down 22 percent since 2005, according to the Florida Association of Realtors.