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Some Condo Buyers On Texas Coast Want To Exit Contracts 1012 Views :: 3 Comments :: :: Market Analysis Some Condo Buyers On Texas Coast Want To Exit Contracts Economic fears have condo buyers in Texas looking for loopholes and flaws in their contracts that would allow them to back out. Despite official reports that show Texas, Alabama, the Carolinas and Maine coastal markets showed appreciation 4th QTR 2008, some condo buyers on the Texas Coast want to exit their contacts. Some investors are turning to the courts in an effort to cancel their contracts and recoup their deposits, but So far, they haven't had much luck. Condo buyers in hard-hit markets across the country like Florida have been scouring their contracts for loopholes and flaws that would allow them to back out. Investors in Florida, where many were looking to flip their condos for a quick profit in a rising market, have been particularly aggressive in using the courts. And that's no surprise, given that the condo market there is one of the worst in the country, with average condo prices down 22% since the market peaked in 2005. A series of recent legal decisions in the Florida courts indicate that it won't be as easy as buyers might hope to get out of these deals. The bottom line: Unless it's a bona-fide contract dispute, an investor's chances of winning appear to be slim. The U.S. District Court in Miami dismissed two dozen federal lawsuits this fall which buyers said they were misled by an advertising brochure. Developers are hailing the rulings which indicate that people can't get out of their contracts for insignificant reasons. Real-estate lawyers nationally are closely monitoring the Florida lawsuits, expecting a wave of similar claims across the country as more condominium projects are completed. During the housing boom areas noted for tourism and retirement living attracted many speculators. Faced with uncertain economic time, many buyers no longer want to close on their properties, but with Texas' strong economy and appreciating statewide home values, there is no excuse to cancel a contract and to expect a deposit refund. Real Estate Broker's on the Texas Coast are seeing surge of interest and buying activities as of late December and early January - indicating that many are sensing that the market is at the bottom and affording the best opportunities. Combined with record low interest rates and the Government's plans to infuse billions to help the housing market - now is not the time to make rash decisions based on fear, but for prudent thinking to take advantage of this rare opportunity to create wealth and have a better lifestyle. The TexasGulfCoastOnline.com network of Realtors has over 9000 people interested in buying real estate on the Texas coast, most waiting to time the market right. A huge pent-up demand that can easily consume our market's entire supply and create the conditions for a market rebound late this year or the next. Mike Stuart - TGCOL.com