Harborage condo buyers tout law in fight for deposits
With no signs of a real-estate rebound in sight, a slew of buyers are trying to get out of their luxury condo contracts at Boca Raton-based Altman Development Corp.’s waterfront project in Stuart.
The would-be owners of seven condos at Harborage, Altman’s 126-unit development on the St. Lucie River, have filed federal lawsuits against the developer in an attempt to get their deposits back.
They’re taking the approach du jour when it comes to backing out of condo contracts around Florida: claiming Altman subsidiary Harborage Cottages-Stuart LLLP violated the Interstate Land Sales Full Disclosure Act.
The act, a 40-year-old law designed to protect land buyers or renters against fraud, requires, among other things, that developers of subdivisions of 100 or more nonexempt lots provide each buyer with a detailed property report.