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Real Estate/Development

May 9, 2009

Arbitrator Cuts Some Slack to Developers in Down Economy

An arbitrator has barred the foreclosure sale of an 82-unit, mixed-use, waterfront condominium development, citing the "impossibility of selling the units" under current economic conditions.

By Mindy Farabee
Daily Journal Staff Writer

LOS ANGELES - In a case that could have significant repercussions for developers facing foreclosures during the recent credit crunch, an arbitrator has barred the sale of an 82-unit, mixed-use, waterfront condominium development, citing the "impossibility of selling the units" under current economic conditions.

In what may be a first-of-its-kind ruling, JAMS arbitrator Robert Thomas on April 24, enjoined...

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