Florida Home Flippers Feeling the Pain
Many investors in Port St Lucie, Florida are struggling at the moment, with buyers walking away from contracts, throwing in large incentives and resorting to highly unusual tactics to sell their homes. Some buyers are even contemplating suing the builders that sold them their home, accusing them of misrepresentation.
"Their thought was, 'I'll make $25,000 on each home, or $100,000 on each home, and I'll get rich,' " said Bradley Hunter, South Florida division director of Metrostudy, a West Palm Beach-based housing research firm. "And for a while there, people were able to achieve that. But those days are gone."
