Alunni v. Development Resources Group, LLC
United States Court of Appeals for the Eleventh Circuit
445 Fed. Appx. 288, 2011 U.S. App. LEXIS 21792 (2011)
Facts
Development Resources Group, LLC (the development company) (defendant) sold condominium units in Legacy Dunes, a condominium complex. During sales workshops, claims were made that the units were a great investment and required little work from the investors for them to make a profit. Albert Alunni (plaintiff) and others purchased condominium units in Legacy Dunes between September and December of 2006. For one year after the purchase, unit owners were obligated to lease their units through Sovereign Residential Services, LLC (Sovereign). After one year, purchasers of condominium units were able to lease their units however they wanted (i.e., they did not need to use Sovereign as a leasing agent beyond the first year of ownership). After 2007, rentals in Legacy Dunes declined, and the value of the units depreciated. Alunni and other owners of units in Legacy Dunes sued the development company for misrepresenting the investment opportunity in Legacy Dunes. The development company moved for summary judgment, which the district court granted. Alunni appealed.
Rule of Law
Issue
Holding and Reasoning (Per curiam)
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