New York Attorney General’s Office Orders The Related Group To Pay Back Buyers’ Florida Condo Deposits

As reported in the Miami Herald and the South Florida Business Journal, the New York Attorney General’s Office recently ordered developer giant The Related Group to refund preconstruction deposits to buyers who were marketed and sold certain Florida condo units in New York State.
The directive was issued under a New York statute called the Martin Act, [...]

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As The Condo Market Worsens, The Significance Of Buyers’ Deposits Held In Escrow Grows

Two recent national news items track the ongoing crisis in the condo/residential real estate market, with a particular emphasis on the bad and worsening state of affairs which continues to envelope Miami and South Florida in general.  From CNN, the S&P Case/Shiller Price index, which charts home prices in 20 major U.S. markets, shows that [...]

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Preconstruction Deposits: The Final Scraps On The Table In The Current Condo And Housing Market Crisis

This recent item from Miami realtor Lucas Lechuga’s blog caught my attention and prompted me to provide a brief commentary.  In sum, Lechuga reports on a cancelled Miami Beach project where, allegedly, some buyers have requested through their brokers that their deposit monies be refunded, but the developer has taken the position that it will [...]

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Real Estate Contract Lawsuits In The Context Of Subprime Litigation And The Impending Battle Over Information

While lately this blog has focused on pressing issues in Florida real estate litigation, including the wave of lawsuits involving Florida condominium contracts, from time to time it can be insightful to frame the issues in a larger context.  One such context is a buzzword heard frequently these days in reports on the current state of [...]

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Can The Developer Sue Me To Close? Some Specific Thoughts About Specific Performance

One question I get frequently from individuals who have signed a purchase agreement for residential real estate in Florida, such as a condominium, is whether they risk being faced with a lawsuit from the developer in the event they don’t (or can’t) show up for closing. Generally speaking, the answer to this question is not [...]

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New Federal Decision Provides Pro-Buyer Reading Of The Federal Interstate Land Sales Full Disclosure Act (ILSA)

A new opinion from the Middle District of Florida, Bush v. Bahia Sun Associates Ltd., 2008 WL 516825 (M.D. Fla. Feb. 22, 2008 ) is relatively short, but the result could be sweet for real estate buyers looking to cancel their contracts and obtain refunds of their preconstruction deposits.
In Bahia Sun, the plaintiffs brought a [...]

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