The Real Deal Miami

Boynton Beach condo to return $1.5M in deposits

April 14, 2009 05:15PM

The developer of the bankrupt Peninsula Boynton Beach condo will return $1.5 million worth of deposits to 30 buyers who signed contracts. In a lawsuit settled last week, the buyers argued that developer Waterbrook Peninsula took too long to complete the units. Each buyer will get between $37,800 and $65,500 back. Unit prices ranged from $400,000 to $800,000, and most buyers put down 20 percent. Attorney Scott Gelfand, who represented the buyers, said most of the buyers at the building were represented in the lawsuit.