The Cinnamon Beach Condominium Association today notified its members that the Association has reached an agreement with Centex/Pulte.
Palm Coast, FL – December 8, 2014 – The Cinnamon Beach Condominium Association has notified its members that the Association has reached an agreement with Centex/Pulte in their construction defect lawsuit. The Board reports that it is pleased with the settlement and there is no longer a need to proceed to the scheduled May 2015 trial. Details of the settlement remain confidential.
The settlement of the $14 million lawsuit is certain to be welcome to condo owners and to Realtors® alike. Any lawsuit is a crap shoot with unpredictable results. While the lawsuit was active, sellers and Realtors were required to disclose the existence of the suit to potential buyers, who hate uncertainty. Needless to say, this had an adverse affect on sales of Cinnamon Beach condominiums. During 2013, 19 Cinnamon Beach condo sales were reportedly sold through MLS. Since the lawsuit was announced in March 2014, only four units have been reported sold.
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