Vizcayne Condominium Associations Awarded Settlement for Construction Defects
September 4, 2018 by Lucas Lechuga
It appears that there is a light at the end of the tunnel for Vizcayne condominiums. According to Law.com, this past May, Vizcayne North Tower Association and Vizcayne Master Association were awarded $3,069,251 and $646,699, respectively. In November 2016, the aggrieved parties, citing a laundry list of construction defects, had filed a 184-page complaint against various construction companies. Over a year and a half after the initial filing date, and shortly before going to trial, the settlements were reached.
With the worst now behind Vizcayne, it will be interesting to see how quickly real estate prices improve for condos in the two towers. The litigation had been a big black cloud over the development, making it near-impossible to secure financing for condos there. With the cloud now lifted, lenders will likely be more open to providing financing for qualified buyers.