As The Condo Market Sours, Buyers Turn To Courts Seeking Exit Deals

Interesting article recently appeared in the Wall Street Journal (and was also reported in the Los Angeles Daily Journal). Apparently there are “tens of thousands of empty or unfinished condominiums” in Florida. While we have not heard of this type of inventory in California, there are many condominium buildings under construction or recently completed, and many if not most of those units have not been sold. Many owners or individuals who’ve contracted to buy some of these uncompleted units may be seeking some sort of exit strategy and that may include lawsuits.

The Wall Street Journal article states that recent legal decisions in Florida courts indicate that won’t be that easy for buyers to get out of those deals. “the bottom line: unless it’s a bona fide contract dispute, and investors chance of winning appear to be slim.”