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.

Florida has the unfortunate distinction of reporting the most amount mortgage fraud cases than any other state in the nation. In fact, Miami is number four on the list of major United States cities that are most affected, resulting in more than $50 million in losses for Miami-Dade County in 2007 alone.

Put simply, mortgage fraud is a major “pervasive” problem that affects homeowners, lenders and everyone in between. In fact, it also artificially inflates home values and increases taxes, as well as hurts property values.

From Miami-Dade County Mayor Carlos Alvarez:

“… when banks begin to foreclose on fraudulent mortgages and sell these properties far below their original value, the County’s tax base lowers. This may affect the level of services we are able to offer.”

To reduce the prevalence of mortgage fraud schemers Miami-Dade County took a proactive approach, creating a Mortgage Fraud Task Force.

The Task Force includes members from all segments of government and civil services, from the county police Department all the way up to the U.S. Attorney’s Office. This weekend the Mortgage Fraud Task Force was responsible for apprehending 11 people who are suspected of being involved with illegal mortgage fraud activity.

Combine that with recent news that that it is now easier to crack down on mortgage fraud (all parties involved in Mortgage Fraud subject to prosecution as of October 1, 2007) and the State of Florida is well on its way to addressing a major issue that in some way shape or form affects state residents.

And it’s not just those in Florida, either.

Contact the Miami-Dade County Economic Crime Bureau at (305) 994-1000 for more information on the task force or mortgage fraud in Florida.

Foreclosure.com REO Director, Glen Daniels, was recently featured on the CNBC program, “Street Signs with Erin Burnett,” to discuss the national foreclosure situation and the fantastic real estate investment opportunities that are now available.

To watch the video segment click here.

When we made the initial announcement that Glen would appear on CNBC we also passed along information that he would be sharing his wealth of investment tips and strategies during an upcoming Foreclosure.com LIVE online Webinar presentation, “How to Rehab for Profit,” on Tuesday, October 30, 2007, at 4 p.m. ET.

To register for this information-packed real estate training session CLICK HERE. Remember that spaces are limited so act fast.

In addition, if you want to get a head start searching for great deals (homes 30 to 50 percent less than market value) that Foreclosure.com offers a FREE 7-Day Trial to its nationwide database of more than 1.2 million distressed real estate listings.

No strings attached!

“We had an artificial economy. There was all this wealth created in real estate, and it wasn’t really created.”

– Foreclosure.com President and CEO Brad Geisen recently shared his insight with the Associated Press regarding the reasons for the slumping housing market. To read the entire article click here.

The “Dear Abby of Real Estate,” Bob Bruss, recently passed away at the age of 67 after battling cancer.

He was widely considered among the most well-known, knowledgeable and respected real estate writers/minds in a crowded industry.

Bruss — who was also a lawyer, author and investment expert — was most recently featured as an Inman News columnist. In fact, many of his articles appeared in the Foreclosure articles section.

Whether it was how to properly stage a house for sale or how to find a reliable home inspector, Bruss touched on wide-ranging real estate issues throughout his illustrious career. In the process he no doubt helped countless homeowners (future and existing), as well as investors, achieve the American Dream of owning real estate.

To read one of the last real estate columns that he penned click here.