With property values plummeting faster than newspaper circulation, one South Florida man is making you an offer you can’t refuse: A 3-bedroom, 2 ½-bath townhouse for only $50.
And no, it’s not because it was built with Chinese drywall.
The only catch is that you’ll be competing with 6,000 other potential buyers who have also purchased a $50 raffle ticket, but those odds are much better than the Florida lottery.
In fact, those odds are better than what you will find in today’s lackluster real estate market.
James Cardiello tells The Miami Herald that he purchased the downtown Coral Springs home for $225,000 in 2004, but after the death of his father, decided to move back home with his “Old World Italian” mother.
He has spent the last 18 months trying to sell the home for $330,000 but has received absolutely no offers.
Naturally, somebody has to make money during these tough times so Cardiello hired an attorney, who told him the scheme was completely legal.
Cardiello says he has sold 1,000 tickets so far and will continue the raffle until he sells 6,000 tickets or Sept. 30, 2009, whichever comes first.
Once he raises $300,000, he will pay off the home and give the rest to charity.
Check out his website at www.floridahomeraffle.com.