Condo flippers gone wild

When you hear "bubble market," do images of Miami condos pop into your head?

A real estate broker working with lenders to value foreclosed properties in Miami estimates that 70 percent of the condo sales in one 43-story, 643-unit building during the last year and a half may have been questionable, Reuters reports.

Glenn Theobald of the Miami-Dade Police Department is heading up a county mortgage fraud task force. He tells Reuters that properties that didn't sell when they were listed for $450,000 were pulled from the market and then closed for $800,000 or more.

Regardless of how many of the sales may have involved fraud, the Club at Brickell has the highest number of foreclosure proceedings among any single property in South Florida, the story said. Properties like these may be headed for the auction block.

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