| Thursday, September 08, 2005 |
| Myrtle Beach Condo Market Steers Clear of Lawsuits Like These |
As prices go up, sellers back out, suits say
Lawsuits by would-be home buyers allege that South Florida developers are wiggling out of sales contracts to capitalize on price increases.
BY MATTHEW HAGGMAN
mhaggman@herald.com
Zoilo C. Nieto plunked down a $209,000 deposit in May for a $1.04 million condo unit at Trump Palace with visions of a sleek new residence to go with his plans to expand his language school business into South Florida.
But weeks later, after assurances the unit was his, the 42-year-old from New Jersey claims he was told the Sunny Isles Beach condo was sold to someone else for more money.
Last month, he sued the developer, Dezer Development, charging fraud and unfair trade practices, among several allegations. He is seeking either to get the condo or to get back his money with interest -- and whatever profit the developer reaped by selling to another buyer.
Amid South Florida's red-hot real estate boom, fueled by speculative investors, a growing chorus of complaints are arising from home buyers who are accusing developers of playing fast and loose with contracts for preconstruction condominiums and single-family homes.
MORE...Labels: preconstruction |
posted by Myrtle Beach Web Design @ 9:19 PM  
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