Reserve Realty, LLC v. Windemere Reserve, LLC

Summary

The court overruled its prior per se rule for real estate list-back agreements because modern antitrust principles require analysis of actual market power and competitive effects. It adopted a five-element test for such tying claims and held that the existing record could not sustain the defendants' antitrust defense because the relevant markets, market power, pricing effects, and foreclosure had not been adequately pleaded, developed, or found. The judgments were therefore reversed and remanded for consideration of the plaintiffs' remaining claims.