The event happened in a high-rise ocean front luxury building on a main beach location in South Florida. The complaint was that the buyer signed a contract and paid the promised amount. Soon after a few months and well before programmed completion, the developer circulated the notice of certain amendments to the building. The most glaring one was about the private elevator to the unit.
The developer was now announcing that the private elevator will be shared between the two apartments. The buyer wanted to cancel the contract and get his money back blaming that the changes would considerably decrease the value of his dreamed unit in this ultra-luxury building, he brought this case to real estate lawsuit. The developer did not agree to the buyer’s point, stating that the proposed changes are neither material nor substantial and would therefore be permitted by the contract. There is no question of refunding the buyer’s large amount.
Even two years back, it wouldn’t even have been a dispute. The buyer would halfheartedly agree to the changes since his contract would have meant around two hundred thousand dollars earnings by just “flipping” it to one of the dozens of eager investors on a coming up list. Although, for many people this case is not a matter of worry yet it is not a really unusual situation of how the market has changed.
The court, after hearing the arguments from both the sides decided to deal this case in a different way as it advised the government to bring stability to the market at government level. Not only this case but many other cases are the outcome of unstable markets where developers are not ready to find that waiting list anymore and investors are mistrustful of the market’s future.