Condo Flip Launches to Turn the Real Estate Bubble into a Real Estate Boom; Revolutionary Marketplace Allows Pre-Construction Condo Buyers to 'Flip' Properties Easily, Cost-Effectively

Business Wire, June 21, 2005

MIAMI BEACH, Fla. -- Mark Zilbert, a nationally recognized authority on residential real estate, today announced the launch of Condo Flip(TM) - http://www.CondoFlip.com, a revolutionary online marketplace where buyers, sellers, brokers, real estate agents and developers can meet to "flip" pre-construction condominiums. Flipping refers to the resale of a pre-construction condo before the original buyer takes possession of the unit.

The debut of Condo Flip(TM) comes at a time when many analysts are worried about a growing over-supply of pre-construction real estate, most notably in markets like South Florida and Las Vegas. Miami has an estimated 65,000 new condo units in various stages of development, with 80% of those buyers likely being investors or speculators. Zilbert developed Condo Flip(TM) to allow flippers to get a head start - sometimes by a few years - on the resale of their condos, rather than wait until the "last minute" where panicked selling is more likely. Condo Flip(TM) also opens up the pre-construction condo market to millions of buyers worldwide, thus increasing the number of possible buyers.

"Condo Flip(TM) could become the most significant advancement in real estate technology since the Multiple Listing Service (MLS) concept was introduced for residential resales," Zilbert said. "Condo Flip(TM) is exclusively used for buying and selling pre-construction condos, but it is not a replacement for a typical MLS system."

Zilbert also added that in addition to a typical condo flipper, both developers and brokers will be able to place pre-construction condos into the Condo Flip(TM) inventory.

Condo Flip(TM) never charges a listing fee, and posting is open to anyone with a pre-construction property to sell. Sellers will, however, be charged a real estate commission upon the successful sale of their Condo Flip(TM) property. If a property does not sell, or sells through means other than Condo Flip(TM), there is no fee.

Condo Flip(TM) also permits brokers who have existing listing arrangements with their customers to place those listings in the marketplace while they continue to market those flips through traditional channels, such as a condo resale office or traditional advertising methods. In addition, Condo Flip(TM) allows developers to place condo listings into the marketplace, thereby offering them a dramatic reduction in marketing and brokerage costs.

To avoid "selling panic" that sometimes occurs when a flipper cannot sell their condo, Condo Flip(TM) will allow a flipper to offer dramatic price reductions, but in a controlled and deliberate manner. Would-be buyers are able to receive notifications when dramatic price reductions occur in Condo Flip(TM), and this should allow reduced-priced condos to sell quickly.

"By managing and distributing price drops, we should be able to minimize condo inventory being dumped on the market, which can have a significant impact on overall market values," Zilbert said.

Condo Flip(TM) has been designed to work in any U.S. or Canadian region. Zilbert, who has patents pending on the concept and technology, plans to offer Condo Flip(TM) franchises throughout North America. An international version will be available in 2006.

Condo Flip(TM) will accept new listings throughout the summer to allow the database to grow to a respectable size prior to the launch of the site's condo search tools this October. In the interim, Condo Flip(TM) buyers can sign up for an e-mail alert system that will provide them with listings of condos by e-mail on a weekly basis.

Prospective sellers can visit the marketplace at http://www.CondoFlip.com, where they will have tools available to them to help determine an approximate market value for their specific property as well as possible profit scenarios.

For more information, call (786) 280-0201 or visit http://www.CondoFlip.com.