Florida Federal Judge Breaks Bad News To 29 Condo Buyers Trying To Back Out Of Bad Deals

In Miami, Florida, the Daily Business Review reports:

• No matter how beautiful a condominium complex looks in the brochure, it might behoove any buyer to look at the fine print in the contract based on a ruling by a federal judge. U.S. District Judge Patricia Seitz in Miami dismissed 29 lawsuits Friday against Opera Tower near downtown Miami, stating the contract was explicit about what buyers were getting, no matter what a slick advertisement promised.(1)

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• [Developer Tibor] Hollo said the lawsuits filed against Opera Tower are from “flippers” upset with the turn in the housing market. [...] “This is a big loss for consumer rights in the Southern District of Florida,” [the plaintiffs' attorney Kent Harrison] Robbins said. “What this ruling says in essence is that developers can say almost anything in [their] advertising and brochures as long as they use certain magic words and certain small-type disclaimers."

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• “Obviously, the false advertising statutes are designed to protect the consumer,” [attorney Robert Cooper] said. “The Legislature didn’t intend for the consumer to be duped because they stick something in the fine print.” Cooper said he hopes Seitz’s decision is case-specific and is not adopted by other “lazy” judges.

For more, including a link to Judge Seitz' decision, see Condo Meltdown: Study the fine print before buying.

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

(1) According to the story, the brochure showed a 56-story elliptical-shaped building on the water with a nearby marina. The illustration omitted surrounding high-rise buildings. The one- and two-bedroom units were priced from $200,000 to $800,000. zebra