I Would Rob a Bank to Buy It

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

I get a lead from Trulia. The lady found somewhere on the vast Internet that there is a one bdr/ one bath condo in Ocean Walk for sale for $20K. She wants more information.

Buying a unit in Ocean Walk for $20KWhat information? It is like robbing a bank and then counting the money before leaving to make sure that you got enough... What if not, you will file a complaint?

If you find a unit there for this price, buy and run. We are talking about the premier condo-hotel in the heart of Daytona Beach, 680 sq. ft. direct oceanfront unit in Wyndham Ocean Walk Resort, and all you need is $20K at your disposal.

I know that there are no units for $20K in Ocean Walk, but I still check MLS, and yes, there are only 2 one bedroom units for sale and they are $149K and $169K. And these are very good, exceptionally good prices. Very close to pre-construction prices of 2001, when it was built.

But where do people get this information? So, I Googled it and there it was, on Trulia  http://www.trulia.com/property/3031896130-300-N-Atlantic-Ave-Daytona-Beach-FL-32118Ocean Walk Resort Daytona - Jjon Zolsky blog

Yep, $20K for a 1/1 unit in Ocean Walk. Go further and see that the Listing agent (or whoever pretends to be the Listing agent) is a time share guy.  Ah-ha, over 100 units out of 299 in the South Tower and over 200 in the North Tower are timeshare units… Not all of them are condo-hotel where owners are called whole owners.

Or yes, it is $20K … for a week.

Jon Zolsky business cardP.S. For a unit for $20K in Ocean Walk I would rob the bank, flip the unit and split the profit with the bank. Would help me pay mortgage to the bank, and help the bank to pay off some of the TARP money ;-)

* Image of masked man courtesy of CarbonNYC via Flickr.com

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Ambassador
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Nina - it is the same mentality that pushes people to buy lotto and sincerely believe that  they will win because they "deserve"

Oct 26, 2010 02:28 AM #18
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Cynthia - of course not on MLS. On MLS you can't BS beyond certain level. But the have a free hand on Trulia and any other place for that sake

Oct 26, 2010 02:29 AM #19
Rainmaker
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Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

That is so funny.  I thought you were going to say there was a digit missing.

Oct 26, 2010 05:08 AM #20
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Jon Zolsky, Daytona Beach, FL
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Debbie - my initial thought was that the buyer either made it up, or  confused it with something else

Oct 26, 2010 02:26 PM #21
Rainmaker
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Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Jon

I have gotten some real interesting leads over the years. The one latelt is a guy that will sell me 10 leads for only $5,000. What the hck is going on these days?

Oct 26, 2010 04:40 PM #22
Rainer
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Not a real person
San Diego, CA

That would be a steal, but for a time share for one week, isn’t that a little expensive?

Oct 26, 2010 04:42 PM #23
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Jon Zolsky, Daytona Beach, FL
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Russel - considering that they have practically no resale value, you are right, it is a little expensive.

Oct 26, 2010 06:02 PM #24
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Jon Zolsky, Daytona Beach, FL
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Tom - those are expensive leads, very expensive.

Oct 26, 2010 06:03 PM #25
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I'm with Jack #6, I get calls or emails where someone missed the zeros when they input the price.  Nicely written, Jon.

 

Oct 27, 2010 01:23 AM #26
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Jon, wow!  That would have been a deal.  Alas, it sounded too good to be true and was!

Oct 27, 2010 03:05 AM #27
Rainer
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Brent & Deb Wells
LivingWell Properties - Prosper, TX
Prosper TX

Jon,

Someone else makes a mistake, but I imagine its the poor agents fielding the phone calls that wind up dealing with irate consumers. Anything that sounds too good to be true attracts a ton of buyers...

-Brent

Oct 27, 2010 03:32 AM #28
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Jon Zolsky, Daytona Beach, FL
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Judi - I would think the same way, but this sometimes are a bit more sinister here (LOL)

Oct 27, 2010 12:42 PM #29
Rainmaker
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Alexsandra Stewart
Remax equity group - Portland, OR
Broker - Portland Oregon Real Estate

I thought it would be a digit missing too.  Never even had the idea of time-share enter my mind!  Hard to convince prospective buyers that it's really not so!

Oct 31, 2010 02:42 PM #30
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Jon Zolsky, Daytona Beach, FL
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Patricia - couldn't be a better deal, but life is cruel and magic lives only in the circus and on Christmas

Oct 31, 2010 03:20 PM #31
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Jon Zolsky, Daytona Beach, FL
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Brent & Deb - exactly. I already had a few requests for that unit. I sent an e-mil to Trulia, and told them that this is promoting unscrupulous dealings. Let's see if they intervene

Oct 31, 2010 03:22 PM #32
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Jon Zolsky, Daytona Beach, FL
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Alexsandra - it  is  not surprising that people make that assumption. It is a rather rare case when there are whole condos and timeshare units in the same building. We have 3 buildings where they coexist.

Oct 31, 2010 03:23 PM #33
Rainer
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Alex Morris - Austin Real Estate Agent
Austin, TX

Shady.  I think you just sacrifice all credibility in running those ads.

Oct 31, 2010 07:01 PM #34
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Jon Zolsky, Daytona Beach, FL
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Alex - when people are involved in Bait and Switch, they do not care about credibility and ethics. They are like spammers

Nov 01, 2010 02:26 AM #36
Rainmaker
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Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
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The ones I get from Trulia are the yo-yos who read the RealtyTrac postings of past due payments and think they can buy a home for the amount of its past due mortgage payments. You think if you call them back, they will then have you phone number, and they'll call you every time they see some other mispresentation online. On the other hand, if you don't call them back, they'll think you're a jerk. Oh, the joys of selling real estate.

Nov 01, 2010 06:07 AM #37
Rainmaker
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Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula
Realty Works Temecula - Temecula, CA
Realty Works Temecula

Jon:  Sometimes the price of the 2nd TD shows up as a sales price or some other lein that was recorded.

Nov 01, 2010 07:18 AM #38
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