Turquoise Place developer wins ruling, keeps deposits - al.com

Turquoise Place developer wins ruling, keeps deposits - al.com: "As arbitration demands pile up from buyers balking on the second Turquoise Place tower, developer Larry Wireman has won a favorable ruling in a case brought by investors who decided not to close on four $1.2 million condo units they agreed to buy in the Orange Beach resort's first tower.

That's good news for the developer, who has had dozens of buyers in both towers indicate they want out of their purchase contracts amid a flagging real estate market. But one arbitrator's ruling has no bearing on another's, and lawyers for both sides said Friday that they've been told to expect a ruling today that will favor buyers of six units.

A pair of glassy high-rises that tower above 300 feet, Turquoise Place includes 400 of south Alabama's priciest condos. Buyers started suing three months before the first, 24-story tower opened in June 2008. To date, buyers of 43 of the first tower's 173 condos and 31 of the second building's 227 units have indicated that they will fight closing, said Wireman attorney Dan Blackburn."