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Speculating On A Condo?

www.miamiherald.com

Business section…

May want to think twice before putting down that deposit on a new condo…. to flip it…(anyone still doing this …YIKES!)

The 3rd District Court of Miami- Dade just shut the door on buyers who wanted to receive compensation for what the units they speculated on might have brought them in profit for a sale to their prospective buyer if it was ever built.

The builder abandoned the project and did return the deposits with interest…but the buyers wanted more….

When more and more of these self serving speculators are lucky to even get their deposits back much less interest….it really makes you wonder….

All up and down the coast it is said that condos are in trouble as they prepare to get their final CO’s due to speculators that have walked away from big down payments on their places due to being unable to come up with the remainder needed to close.

This lack of closers can mean that the developer will lose the project to the bank….

Some remedies for these developers have been in the paper over the last year…sales for cents on the dollar as was the case with an offer for the new condo in Pompano on the corner of A1A and Atlantic Blvd.

Talk of LBTS oceanfront soon to be CO’d development….hearsay of course…anywhere from the B word to the bank scenario…..with lack closings…is it true?

Guess we will know when and if we receive that settlement agreed upon after the last CO.

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