Ruling favors condo builder

Ruling favors condo builder

RIVIERA BEACH — Trying to back out of a pre-construction purchase on a condo?If you’re rich, forget it.

But if you have money troubles, it might be easier to do.

That’s the finding of a Palm Beach County Circuit Court judge, who earlier this month ruled that a buyer could not back out of a contract to buy a $495,000 unit at Marina Grande, a $200 million waterfront condominium in Riviera Beach.

In a nine-page order, Judge Jonathan Gerber found that D&T Properties could not wiggle out of its contract based on higher-than-expected maintenance costs. Gerber concluded the buyer could afford the increase.

The ruling is important because condo buyers throughout South Florida are eager to get out of pre-construction contracts signed during the recent real estate frenzy. Now that the market has turned and the flippers market has died, many buyers are trying to undo their deals based on even minor changes to a project by a developer.

By Alexandra Clough
Palm Beach Post Staff Writer

SHARE
Previous articleThe history of state’s real estate is telling
Next articleFederal Trust not immune to housing