This story originally appeared in the Daily Business Journal.MIAMI-Miami attorneyAlexander Lian may have come up with an innovative strategy to helppeople recover pre-construction deposits they gave condo developersduring the housing boom.
Lawsuits have blossomed since the real estate market collapsedin 2007 as would-be condo buyers go after developers to recovertheir deposits — often as much as 20% of the purchase price. Theresults of those suits have been mixed, with some rulings favoringdevelopers and others favoring buyers.
Lian argued that developer Swire Pacific Holdings and titlecompany Lawyers Title Insurance failed to create two separateescrow accounts when his client deposited $232,000, or 20% of the$1.16 million purchase price, in 2004 to reserve a unit at thethen-proposed Asia on Brickell Key.
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