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IN RE EDGEWATER BY THE BAY, LLLP

Bankruptcy No. 08-23611-BKC-RAM. Adversary No. 09-01138-BKC-RAM-A.

419 B.R. 511 (2009)

In re EDGEWATER BY THE BAY, LLLP, Debtor. Edgewater by the Bay LLLP, Plaintiff/Counterdefendant. v. Beatrice Gaunchez, et al., Defendants/Counterclaimants.

United States Bankruptcy Court, S.D. Florida, Miami Division.

October 30, 2009.

Attorney(s) appearing for the Case

Peter D. Russin, Esq., Meland Russin & Budwick, P.A., Miami, FL, for Debtor.

David P. Reiner, II, Esq., Miami, FL, for Defendants, Areson, Barroso, Gaunchez, Bonvini, Hamm, Landers, Levy, Romanello, Rose, Weiss, Westring & Shahar.

Elizabeth Lee Beck, Esq., Miami, FL, for Defendant, Benitez.

MEMORANDUM OPINION AND ORDER GRANTING, IN PART, DEBTOR'S MOTIONS FOR SUMMARY JUDGMENT AND DENYING DEFENDANTS/COUNTERCLAIMANTS' MOTION FOR SUMMARY JUDGMENT

ROBERT A. MARK, Bankruptcy Judge.

Condominium values have dropped substantially in South Florida in the past two years. As a result, the contract price in many pending purchase contracts significantly exceeds the current market value of the unit. Not surprisingly, most prospective buyers do not...

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