Reserve Realty, LLC v. Windemere Reserve, LLC

Summary

The court overruled its prior per se rule for real estate list-back agreements, concluding that such arrangements must be evaluated under a five-element tying test requiring proof of coercion, market power, anticompetitive effects, and a substantial effect on commerce. Because the defendants had not pleaded or proved the relevant product and geographic markets and the trial court had not conducted the required market analysis, the antitrust defense could not sustain judgment for the defendants. The judgments were reversed and the cases remanded for consideration of the plaintiffs’ remaining claims.