A Condo Fiasco
Zack Preble auctions his contract for $355,000 condo in downtown Miami. The online reverse auction drops to $215,000 before he gives up. The developer takes his unit and the 70,000 deposit.
I guess not everything has a happy ending... If you are unfamiliar you can read my last article on this fascinating story here . It looks like Zack's last ditch effort, a reverse auction, failed. He could not even recover 5,000 dollars of his 70,000 dollar deposit and finally gave up turning his condo back over to the developer and forfeiting his $70,000 dollar deposit. That is a pretty expensive lesson to learn considering that amount of money would pay off the whole mortgage on my condo in Michigan, with enough left over for a years supply of beer.
The bright side is that it was only a contract with a developer so he still has his credit history in tact, and the $70,000 dollars came as profit from selling his first house during the boom. So it really was a case of easy come...easy go.
It is a shame he never made a final post on his blog Condofiasco.com, however, it is nice to finally see how this story ends.
Friday, August 21, 2009
Posted by Chris at 3:12 AM