Aug
27

Tailgating “Cockominiums” Being Sold With Buy-Back Promise

By
Down-market sales technique could reel in reluctant buyers

By Kristy Eppley Rupon – The State

If you’re thinking of betting on a cockominium, Robert Lewis just lowered the stakes.

Lewis, a Columbia attorney and developer, traded a spec house at Murrells Inlet last year for three condominiums in Carolina Walk, across the street from Williams-Brice Stadium.

Now, he’s putting them on the market — with a buy-back guarantee that’s good for four years.

Lewis said his thinking was: “In this type of market, what is going to entice somebody to buy this type of product and put their mind at ease?”

The answer was a contract guarantee that he will buy back the condominiums within 24 to 48 months after the purchase at 80 percent of market value or their purchase price plus 10 percent — if the buyer chooses to sell it back to him.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/business/story/503426.html

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