South Florida Condo Investor Looks To Back Out Of Purchase Contracts; Files Federal Suit

The South Florida Daily Business Review has a story that probably reflects the attitude of many luxury new condo buyers who signed contracts with builders a couple of years ago and who now, given the current market conditions in Florida, want to back out of their deals and get their deposits refunded. The story features Virginia investor John Cherin, who according to the story:

• "[b]et on South Florida’s condo market in headier days [and] is trying everything he can to get out of contracts on four Singer Island units and recover about $1.6 million in deposits. John Cherin has filed three federal lawsuits against [the developer]. [... The developer] wants to close on the sale of the units and has given no indication it will settle."

For more, see Investor sues to bail out of four WCI condos. For a copy of one of the lawsuits, see Cherin Federal Lawsuit (available online courtesy of the South Florida Business Review).

Go here for other stories on real estate speculators looking to back out of purchase contracts. zebra