The Real Deal Miami

Global woes bust local deals

February 10, 2009 10:34AM

A quartet of buyers at the luxury Wind by Neo condo in Miami cite the global economic crisis as a reason to get out of contracts for their units and get their deposits returned. Blanca and Julio Hernandez, Claudia Gomez and Miryam Gregory filed suit last week in Miami-Dade County Circuit Court against developer Neo Epoch 1, saying worldwide financial woes warrant the ending of their contracts. Jared Beck, who has handled several similar claims, filed the suit on behalf of the plaintiffs. He believes the claim could set a precedent, because the global crisis and inability of buyers to get mortgages gave rise to what he says is a mutual mistake and impossibility of performance, creating grounds under state law for contract rescission.