Agent

Real estate speculators put kibosh on condo purchase

New development units tied up by greedy investors

DEAR BOB: On a recent visit to Las Vegas, my wife and I looked at a new condo high-rise now under construction. We enjoy visiting Las Vegas three or four times annually and have talked about retiring there because there is no state income tax. But the developer of the condo we are considering for purchase admits it has "sold" a lot of units to real estate speculators who are unlikely to ever move in. These so-called investors will probably unload their condos shortly before they have to take title when construction is complete. My wife and I don't like the "smell" of this situation and are shocked the developer would "sell" to these speculators. But we really like the location, the price and the features of the condo complex. Would you buy? – Kirk T. DEAR KIRK: There should be a law against real estate speculators who hope to profit from tying up a property before construction without ever taking title or adding any market value. Purchase Bob Bruss reports online. I shall neve...

Comments