The New Florida Condominium Boom – Buyers Beware (or at least Be Smart)

We have written a lot about concerns with the new real estate boom in Florida. Each day there is another announcement of a new luxury condominium that will be built. After the first boom (then bust) we represented hundreds of clients seeking to get their deposits back from developers. We launched our website www.recovermydeposit.com and we were featured nationally and internationally covering our lawsuits.

Now, developers are now asking 50 percent and even upwards to 80 percent for new construction deposits. This is incredulous. There is little doubt that there are developers that will deliver on their promises, but there are some that will not. When and if they do, the buyers will be in real trouble. The attorneys for the developers are much more sophisticated this go round and have improved their contracts to cover most of the issues they lost previously.

This is a good article from the Miami Today on this issue. http://www.miamitodaynews.com/2013/11/06/risks-built-big-condo-deposits/

If you or a client are buying new construction, you would be wise to consult with an attorney and research the developer, contractor and architect.