Condo buyers allege flipping scheme
Back in 2007, Steven and Joan Haber paid $260,000 for their retirement home in Charlotte County, a short drive from the multimillion-dollar beachfront estates of Boca Grande.
The Condominiums at Waterside seemed like a steal. Within 18 months, the buildings were sold out and the newest units were fetching record prices despite a statewide real estate slump that had brought condo sales elsewhere to a halt.
But it wasn’t long before the Sarasota couple’s anticipation turned to anxiety.
Two of every three buyers in the complex stopped paying their mortgages, most without making a single payment.