The sluggish South Florida real estate market has scared away investors and/or forced several of them to get a little more creative.

Look no further than CondoFiasco.com for proof of the latter.

Back in 2004, Zack Preble purchased a preconstruction condominium in the bustling Miami financial district near the Biscayne Bay for $355,000.

It was a can’t-miss investment … at the time.

Now, the market is not close to the level it was nearly three years ago. And Preble has had trouble selling the property during this time for close to even what he paid for it.

He has $70,000 tied up in a down payment and the remaining balance ($285,000) will be due when construction is complete later this year or early 2008.

Sure, Preble can take a hit, sell it at a rock-bottom price and lose his shirt. However, he decided to take an alternative approach.

The small-time investor has turned to the blogging community for assistance. He’s selling links from his Web site (CondoFiasco.com) for $35.50. Included in that price is a “slice” in the new Miami condo he can’t sell. Preble hopes to then one day buy back those links someday when and if he sells the condo.

Thus far the creative idea has been a big hit:

Total slices: 10,000
Cost per slice: $35.50
Slices sold: 1,971
Slices left: 8,029

Preble is quick to point out that interested persons who want to get in on the action should do so at their own risk. By law he cannot provide “slice” buyers with any written guarantees.

Just the word — and a fancy certificate — from a creative investor doing his best to sell a property in difficult market conditions.

To purchase a slice CLICK HERE.