Court offers Miami condo buyers partial win

Miami /
Nov.November 03, 2009 10:28 AM

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]


Related Articles

arrow_forward_ios
From left: David Martin, Aby Rosen, Jorge Perez, Barry Sternlicht, Victor Ballestas and Russell Galbut (Getty)
Developers bet on long-term demand for Class A Miami Beach office space
Developers bet on long-term demand for Class A Miami Beach office space
Jorge Pérez with One Park Grove (Getty, Robin Hill)
Related developer Jorge Pérez buys condo at one of his Miami projects
Related developer Jorge Pérez buys condo at one of his Miami projects
From left: GLP Capital Partners’ Alan Yang, David Martin and Stephen Bittel with 7777 Northwest 41st Street in Doral (Google Maps; GLP; Terra)
Terra, Terranova sell 24-acre property in Doral for $55M
Terra, Terranova sell 24-acre property in Doral for $55M
David Martin with a rendering of Natura Gardens
Terra sells piece of northwest Miami-Dade dev site to Butters and Greystar, moves forward with apartment project
Terra sells piece of northwest Miami-Dade dev site to Butters and Greystar, moves forward with apartment project
David Martin, Central Shopping Plaza, and a rendering of the apartment complex
Terra proposes 1,384-unit apartment complex near Magic City Casino
Terra proposes 1,384-unit apartment complex near Magic City Casino
Terra CEO David Martin and 16000 Pines Boulevard, Pembroke Pines
Terra, Lennar’s Pembroke Pines townhome project advances
Terra, Lennar’s Pembroke Pines townhome project advances
David Martin and a rendering of the project
Voters reject Terra’s proposal to redevelop Miami Beach Marina with condo tower
Voters reject Terra’s proposal to redevelop Miami Beach Marina with condo tower
Eighty Seven Park (iStock)
Eighty Seven Park’s priciest penthouse sells for $37M
Eighty Seven Park’s priciest penthouse sells for $37M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...