Real Estate Deal: $350,000 Miami Condo for $100!

With the economy just barely treading water, the current real estate market offers some real bargain prices, but there's a current deal that offers a beautiful piece of property for just one Benjamin Franklin. A couple in Miami has decided to give away their Miami condo property via a raffle with tickets costing just $100 a pop. Sound too good to be true? Well there's a great reason for the raffle. Tim Sureth, a 42 year old Army vet, and his wife Diane Thorne are holding the raffle on behalf of Veterans Retreat, a charity group they started which allows wounded veterans to go on fishing trips.

The $350,000 Miami Beach condominium is a spectacular piece of property which includes a pool, courtyard and bay view (Tim's also throwing in a local boxing club membership). It overlooks Biscayne Bay and Star Island, which just so happens to overlook Shaquille O'Neal's house. Other celebs said to be living in that area include Madonna. Tim and Diane had originally planned to sell the property several years ago, but then the market tanked. Now they have decided the proceeds from their raffle can pay the mortgage and help wounded vets all at once. The plan is to use the sale money to buy a retreat in the Florida Keys where wounded vets can fish near and relax at.

Worried about taxes? Tim and Diane have agreed to pay all taxes and maintenance fees through the end of 2009. The catch to their contest is 5,000 or more tickets must be sold. If less than 5,000 are sold, the couple will split the total sales money 50/50 with the winner. Either way, not a bad return on your hundred dollar raffle ticket.

Raffle tickets can be bought at Paypal through the Veteran's Retreat Website.

(Story Source: NYDailyNews.com)