Two former executives of a Florida developer that ended up in bankruptcy after they were accused of inflating prices are back in business, after buying more than 3,000 vacant lots from the company that emerged from bankruptcy.

New Vista Properties Inc. bought the lots in 2001 for $1.5 million, and is now selling them for as much as 1,000 percent of their assessed values, the Miami Herald Tribune reports. The company works with independent brokers in New York, who pay to fly prospective buyers to Florida, where they are put up in hotels, the paper said.

New Vista Properties provides financing, avoiding third-party appraisals. Only about 2 percent of the buyers of more than 4,000 lots have built homes on them, the paper said. Source:

Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription