7-16-99
Weston Buyers finally getting their money back
By: Ronni Sayewitz
 A
dozen families who lost nearly $237,000 in deposits on Weston
homes could be nearing the end of a four-year struggle to get
their money back.
A Broward Circuit Court judge recently ordered the Florida Construction Licensing Board to set aside $134,682, the amount the families say they are still owed since the first builder of the La Costa community dashed with their cash in 1995. Now the homebuyers are awaiting a court date or a possible settlement to see whether they get the money.
The licensing board controls a trust fund known as the Florida Construction Industries Recovery Fund that reimburses homebuyers who invest in failed subdivisions. The La Costa families initially were paid $100,000 from the fund, which used to be the maximum amount permitted per development.
But their attorneys convinced legislators to increase the fund's cap to $250,000 in 1998, with a retroactive provision. Now, the La Costa families are demanding the rest of their missing deposits.
They sued the state in May to recover their losses. State attorneys did not return calls seeking comment.
'[The ruling] is half the battle," said Roy Oppenheim, a partner with the Weston law firm of Oppenheim & Pilelsky, which represents the La Costa families. "If the judge determines that my clients are entitled to the money, it won't be a hollow victory.'
The families are "cautiously optimistic" that the judge's ruling will be the turning point in their lengthy battle to recoup their Weston losses, said Alan Rosenberg, a damaged homeowner participating in the lawsuit.
La Costa's first builder, Treasured Spaces, abandoned the subdivision in 1996 after running out of money. Only 30 of the 70 planned houses were built and 22 were left unfinished.
A second builder, Construction Consultants of Bonaventure, filed for bankruptcy in 1996.
Coastal Construction Corp. finally bought the property during a foreclosure sale at the county courthouse. Today, 57 of La Costa's 70 homes are built.
'We were given the option of repurchasing our home at the original contracted price, which of course we could no longer afford to do,' said Rosenberg, whose house was 75 percent completed. "It probably set us back seven years."
The Broward courts ruling also means that other victimized families will continue to collect money from the recovery fund, Oppenheim said. Since their money was set aside, the La Costa families have agreed to drop the portion of their lawsuit that asked the courts to "shut down" the recovery fund until they were paid, he said
"We felt really bad about that because we didn't want to hurt other people,' Oppenheim said.
But the La Costa families also had learned from experience, he said.
The construction board had refused to reimburse the families earlier this year until its attorneys cleared up confusion over the timing of payments covered by the new law, Oppenheim said. It also wanted to give other La Costa claimants time to come forward.
But the firm continued to pay other parties and depleted its coffers while the families waited, he said. Recipients included another La Costa family not involved in the lawsuit.
The recovery fund received its annual replenishment July 1, which marked the start of the state's fiscal year.
A court date has not been set for the La Costa lawsuit, although Oppenheim expects the two sides to square off in mid October. Meanwhile, both sides are attempting to negotiate a compromise, Oppenheim said.
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