Too good to be true?

Thanks Tony - this is a really useful warning (as a business based in Cheshire we need to be careful).

I guess the usual caution that goes with this is 'if it sounds too good to be true - it usually is'!

Still - I wonder, has anyone on this forum been approached by a Florida Elliotts Landing type offer?

Cheers
Neil

Thanks Neil. I haven't heard of Elliotts, the developer/builder, but I am sure others have. It will be interesting to hear their comments and any news, good or bad, about them. There are so many new scams entering the property and investment arena, I'm thinking of making a roundup of them a regular contribution to PS. Better to be forewarned than ... well, you know the rest.

Tony B

Unfortunately I have invested in Elliots Landing. I have more or less written off the $65,000 I sent in good faith in early 2005. I have a court order which says that the developer must repay the funds, but I'm in a very long queue. Someone has gone into bankruptcy, and the developer's assets have been frozen. The bank was previously threatening to forclose.

I found the property through a company called Escapes 2, who are actually part of AIPP, a voluntary organisation which guards against malpractice. However, they lost in interest in our plight along time ago. It was a heart, rather than a head investment, and I rue the day I got reeled in.

Hudson Gabay, the developer is an arrogant individual who seems above the law. He has been marketing properties for which he already has deposits, and has not returned. He has, on numerous occasions, said that he was sending the funds back, but has never done so.

Of course, if we do get the money back, it will be a double whammy, as the $ has moved against us, but at the moment, this is the least of my concerns.

I'd advise you not to touch this development. You have been warned!