Florida Real Estate Developers are fighting back against condo contract rescissions.

Are you currently in a Real Estate contract dispute with a Florida or New York Developer?
Did you know that in many cases your Condominium or Pre Construction Real Estate contract may be rescinded?
Many home buyers and investors are not aware of the legal protections which Florida and Federal Law provide. Please contact a Florida Real Estate Lawyer experienced in condo contract rescissions. Call or e-mail for a free consultation, very often you can not be forced to close on your preconstruction condo contract. We also work with developers to Recover Deposits left on properties.


Reprinted from the South Florida Business Journal
Condominium buyers who jumped on board a hot market are now looking for ways to walk away with refunded deposits.

Increasingly, they're pointing to perceived violations of the Interstate Land Sales Full Disclosure Act and resulting property reports. We have also seen many cases of Real Estate fraud. Fraud and deception amongst developers and Real Estate brokers are being found more and more often, as we entered the late stages of the South Florida Real Estate boom in the Condo and pre-construction markets. Among the disclosures made through ILSA are guarantees that, barring a natural disaster or eminent domain proceedings, condo communities will be completed within two years of the purchase date.

Contact a Florida Real Estate Attorney with experience in real estate contract rescission law.

"Before 2005, no developer really worried about it," said Hank Sorensen, a Port Richey-based real estate attorney with Henry T. Sorensen II PA who is representing a number of buyers trying to leave sales contracts with downtown Tampa condo developers. "Everybody had drafted these contracts before, and no one thought that it would take more than two years to build a condo and have it occupied."

But a "perfect storm" of problems hit condominiums in Florida in 2006 from higher interest rates and the ensuing sudden drop of the real estate market to labor and material shortages following the hurricanes of 2004-05 along with increased concrete exports to China in preparation of the 2008 Olympics.

Hitting back

Tampa's Channelside District seems to be taking a brunt of the condo buyer exodus.

Changing Channelside from a decades-old industrial seaport to a potential home for some 3,000 families had been heralded by city leaders as a way to transform a downtown core that virtually dies when the work day ends. But move-ins have been far more sporadic than anticipated.

Instead of sitting on pre-sales, investors are trying to recover money with claims of material and adverse changes to purchased units from ceiling finishes to square footage anomalies. Some buyers say they have lost as much as 10-by-10-foot rooms from original planning to the final walk-through.

"There is a general attitude that these are just a bunch of investors trying to get out of properties, but I wouldn't be taking these cases if they didn't have legitimate claims," Sorensen said.

Key Developers Group in Tampa has been hard hit with lawsuits so far, according to Hillsborough County court records. The company has been sued nearly 100 times since the beginning of the year for a range of actions including rescission demands and breach of contract for The Place at Channelside, 440 units ranging from 600 to 3,700 square feet according to listings. Fida Sirdar, president of Key Developers, didn't return calls seeking comment.

Condo developers are striking back.

Act now, before changes to state and federal law greatly deminish the chances of rescinding your condominium or pre-construction contract. We can work with you to attempt to recover some or all of your deposit.

Law Offices of Eric L. Bronfeld, P.A.
PO Box 22506
Fort Lauderdale, Florida 33335
954-527-1512(South Florida Area)
1-877-527-1512 (Toll Free outside South Florida)
info@depositrecoveryservices.com
http://www.depositrecoveryservices

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