Buyer pays $1.65 million deposit luxury condo, home remains unfinished four years later
A Florida buyer is seeking a refund after a $1.65 million deposit for a luxury condo remained unreturned four years past the expected completion date. The project, part of the Via Mizner development, is currently facing a massive foreclosure lawsuit amid construction delays.
Why it matters
It highlights the risks associated with luxury real estate pre-construction investments and the legal complexities of developer insolvency.
In 2022, Florida buyer Nilesh Undavia put down $1.65 million for a luxury condominium that was supposed to be ready by the end of the year. Four years later, the apartment remains unfinished and his deposit has yet to be returned, even after an arbitration ruling in his favour. The case is part of a growing dispute surrounding Boca Raton’s Mandarin Oriental Residences, where buyers are seeking refunds as the developer faces a $417.7 million foreclosure lawsuit, according to reporting by The New York Times, The Real Deal and The Coastal Star. The development, part of the ambitious Via Mizner project in South Florida, was marketed as an upscale destination combining luxury residences, hotel services and resort-style amenities.
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