Monday, January 28, 2008

What will happen with Miami Condo Fiasco?



Miami Condo Fiasco Website


In 2 days Zach will have to decide if he wants to walk away from his $70,000 dollar deposit on his condo...Or close on a condo paying $375,000 dollars for a 1 bedroom unit that is now worth about $250,000 on the open market.

Its kind of like Alien vs Predator, no matter who wins, he will lose.

Zach was so stressed by the condo fiasco that he took a leave of absence from his blog in November and has not been seen since. I hope that after the closing date comes and goes 2 days from now he will update his blog and let us know what he has decided.

If you have not heard of Condo Fiasco, check out the website, linked above and read about the guy who tried to sell shares of his pre-construction condo.

5 comments:

Gray said...

"walk away from his $70,000 dollar deposit on his condo...Or close on a condo paying $375,000 dollars for a 1 bedroom unit that is now worth about $250,000 on the open market."

Sounds like a simple decision: A 75k$ loss vs. a 125k$ (and counting!) loss. Ok, it sure feels more intense when it's your own money...

Chris said...

Well, his initial argument was in a few years the market will recover and he would be able to sell it for 400K+ and recover all of his money.

I tried to tell him that it would be about 3 decades before the medium income in miami is able to afford 400K for a 800 sq ft 1 bedroom condo.

URteeringhardplayah said...

I feel bad for that guy, no matter what he does he is going to lose a metric assload of money :(

Anonymous said...

Hey, will you retrieve your phone please

Chris said...

^ Fiance! :)


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