Court offers Miami condo buyers partial win

TRD 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
Eighty Seven Park (iStock)

Eighty Seven Park’s priciest penthouse sells for $37M

Eighty Seven Park’s priciest penthouse sells for $37M
Matthew B. Gorson and One Park Grove (Google Maps)

Greenberg Traurig chairman pays $7M for One Park Grove condo

Greenberg Traurig chairman pays $7M for One Park Grove condo
Mike Fernandez and Grove at Grand Bay unit 1901S (Getty, Lifestyle Production Group)

Miami billionaire Mike Fernandez sells Grove at Grand Bay condo

Miami billionaire Mike Fernandez sells Grove at Grand Bay condo
David Martin, Jorge Perez, and One Park Grove (Credit: Robin Hill)

Terra and Related pay off $112M construction loan for Park Grove condo tower

Terra and Related pay off $112M construction loan for Park Grove condo tower
David Martin and a rendering of the project

David Martin’s Miami Beach Marina proposal heads to voters in November

David Martin’s Miami Beach Marina proposal heads to voters in November
From left: David Martin, Barry Sternlicht, Don Ghermezian, and Pedro Garcia

Triple Five, Terra, Starwood sue Miami-Dade property appraiser over tax bills

Triple Five, Terra, Starwood sue Miami-Dade property appraiser over tax bills
Charles and Daneen Stiefel with One Park Grove (Getty)

Pharma mogul Charles Stiefel buys Coconut Grove penthouse

Pharma mogul Charles Stiefel buys Coconut Grove penthouse
David Martin, Rene Gonzalez and Glass 120 Ocean Drive (RGA, Google Maps)

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects
arrow_forward_ios

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

Loading...