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: heraldtribune.com.