Net buyers beware
In a flashback to the questionable land sales practices that plagued Florida in the 1960s, today some operators are selling worthless wetlands on the popular Internet auction site eBay.
The Daytona Beach News-Journal ran a very enlightening story titled "Swampland sales are back in style" detailing sales on eBay of land in the University Highland plated subdivision. At the present time it is highly unlikely that the 6100 lots in this subdivision could ever be developed.
Real Estate Investor Magazine publisher, investing seminar evangelist and attorney Robert Abalos has an interesting history of land scams and frauds on his site Investing in land.
Over the past couple of quarters we have touched on a number of local scams as well including: Deed Scam Hits Lee County; Another Cape scam; Deed scam update; Cape land claims raise suspicion; and Minorities hurt by investor flipping.
In the past I have been quite amused by some of the eBay real estate auctions for Lehigh Acres that included beautiful gulf beach scenes. Maybe I am just clueless, but I have spent an incredible amount of time cruising the streets of Lehigh looking at property and I have yet to find one with a view of the gulf.
If you are considering making an investment in this market, it is most important to assemble a team of professionals that you trust. A good investor team includes at a minimum a realtor, title company, real estate attorney and a banker.
Watch out for swamp land sales on the Net [Sun-Herald]