Condo sales turn sour [South Florida]
Market-distorting rebates and incentives helped move units at Vintage Grand, and banks are left with bad loans
Martin Caparros was late to the party with his Vintage Grand condominium conversion project, but his sales team still managed to sell 238 units for a total of $43.4 million from January 2006 to October 2007.
That comes to nearly $2 million more than the $41.5 million Caparros paid for the 432-unit complex in February 2005 — a pretty good showing considering that the once red-hot condo conversion market became increasingly frigid after summer 2005.