History Main / RealEstateScam

1st Apr '18 5:28:37 PM Njein
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** {{Landmark Sale}}s. This is another variant, where scammers such as George C. Parker would often "sell" landmarks such as the Brooklyn Bridge to newly-arrived immigrants. Cops would often chase away his victims whenever they tried to establish toll booths on the bridge. "If you believe that, I've got a bridge to sell you" is a phrase often attributed to Parker that implies someone is gullible.
1st Apr '18 4:07:45 PM V_Lurker021
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** The [[https://en.wikipedia.org/wiki/Florida_land_boom_of_the_1920s Florida land boom of the 1920s]] was riff with such scams as it was the first real estate bubble in the state. One notable example is developers literally busing in customers and selling them shares in "towns" that were only vast plots of uninhabitable swampland with signs stating where the nonexistent buildings would be.
28th Mar '18 10:58:16 PM Lanes17B
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* In the ''Series/MarriedWithChildren'' episode that introduces Jefferson, Al mentions to Bud that he bought a cabin near the shore of Lake Chicamocomico with the money he scammed from Jefferson and Marcy's wedding. A minute later, Jefferson comes in and Al asks him why was he in prison, and he responds that he was arrested for selling plots of land on Lake Chicamocomico, a toxic waste dump, and brags that "the truly stupid are still sending in money." Several episodes later, when Jefferson and Marcy decide to skip town after agreeing to help the Bundys claim the prize money they were not qualified to win (Kelly was a spokes-girl for the company), the IRS swooped in and immediately took the winnings, saying it was to be used as restitution for Jefferson's Lake Chicamocomico scam.
28th Mar '18 7:45:58 PM AHI-3000
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* Happened in "The Itis", a first-season episode of ''WesternAnimation/TheBoondocks'' -- Ed Wuncler shuts down a vegan restaurant that's across from a public park he wants to buy, and turns it into a soul food restaurant (run by Robert Freeman, natch). By the end of the episode, the restaurant's closed down (thanks to a lawsuit from a former customer) and Wuncler owns the park (thanks to the lowered property values created by the restaurant and its effect on the neighborhood).

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* Happened This happens in "The Itis", a first-season episode of ''WesternAnimation/TheBoondocks'' -- ''WesternAnimation/TheBoondocks''. Ed Wuncler I shuts down a vegan restaurant that's across from a public park he wants to buy, and turns it into a soul food restaurant (run by Robert Freeman, natch). By the end of the episode, the restaurant's restaurant gets closed down (thanks to a lawsuit from a former customer) customer), and Wuncler owns the park (thanks to the lowered property values created caused by the restaurant and its [[WretchedHive negative effect on the neighborhood).neighborhood]]).







* As mentioned above, "blockbusting" was an unfortunately common practice between the 1940s and 1960s. When relatively affluent African-American families finally were able to buy property in former all-white neighborhoods due to the gradual victories of the Civil Rights movement, real estate moguls would intentionally play up the fear of (mainly working-class) whites and say that the world was going to end. As a result, the moguls were able to buy up the properties at a severe discount, and then sell them back to the arriving African-American families at a steep mark-up. African-American families still had lots of problems finding banks that would give them favorable mortgages, so the deals that they made were very exploitative. The African-American families, therefore, had little extra money to put into repairs or upkeep, leading to an unintentional deterioration of the neighborhood. Thus, whites viewed the African-Americans moving into their neighborhood as a death sentence on their hard-earned property value, and African-Americans viewed whites as part of the system out to exploit them. The entire core of modern racism, all because of some cynical real-estate moguls. The Fair Housing Act of 1968 was intended to deal with some of this, but at the end of the day it barely put a dent in the problem.

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\n* As mentioned above, "blockbusting" was an unfortunately common practice between the 1940s and 1960s. When relatively affluent African-American families finally were able to buy property in former formerly all-white neighborhoods due to the gradual victories of the Civil Rights movement, UsefulNotes/CivilRightsMovement, real estate moguls would intentionally play up the fear of (mainly working-class) whites whites, and say that the world was going to end. As a result, the moguls were able to buy up the properties at a severe discount, and then sell them back to the arriving African-American black families at a steep mark-up. African-American families Black people still had lots of problems finding banks that would give them favorable mortgages, so the deals that they made were very exploitative. The African-American families, black residents, therefore, had little extra money to put into repairs or upkeep, leading to an unintentional deterioration of the neighborhood. Thus, whites viewed the African-Americans blacks moving into their neighborhood as a death sentence on their hard-earned property value, and African-Americans blacks viewed whites as part of the system out to exploit them. The entire core of modern racism, all because of some cynical real-estate moguls. The Fair Housing Act of 1968 was intended to deal with some of this, but at the end of the day it barely put a dent in the problem.
22nd Mar '18 11:52:08 AM Njein
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* [[https://en.wikipedia.org/wiki/Swampland_in_Florida Swampland in Florida scams.]] They have been a headache to Florida for many years. Starting in the 1960s, unsuspecting investors would be told of prime swampland that was dirt cheap. The investors, so quick to make an easy dollar, would purchase said land before ever placing eyes on it, and are unaware that swampland is nearly impossible to develop. Unfortunately, it is still running rampant due to the ability of buyers and sellers to purchase and sell land over the Internet.

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* [[https://en.wikipedia.org/wiki/Swampland_in_Florida Swampland in Florida scams.]] They have been a headache to Florida for many years. Starting in the 1960s, unsuspecting investors would be told of prime but useless swampland that was dirt cheap. The investors, so quick to make an easy dollar, buck out of it, would purchase said land before ever placing eyes on it, and are blindly unaware that swampland it is nearly impossible to develop. Unfortunately, it is still running rampant due to the ability of buyers and sellers to purchase and sell land over the Internet.
6th Feb '18 11:45:12 AM Njein
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* [[https://en.wikipedia.org/wiki/Swampland_in_Florida Swampland in Florida scams.]] They have been a headache to Florida for many years. Starting in the 1960s, unsuspecting investors would be told of prime swampland in Florida that was dirt cheap. The investors, so quick to make an easy dollar, would purchase said land before ever placing eyes on it. Unaware that swampland is nearly impossible to develop, these investors arrived to their newly acquired land to find it unusable. Unfortunately, this scam is still running rampant due to the ability of buyers and sellers to purchase and sell land over the internet.

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* [[https://en.wikipedia.org/wiki/Swampland_in_Florida Swampland in Florida scams.]] They have been a headache to Florida for many years. Starting in the 1960s, unsuspecting investors would be told of prime swampland in Florida that was dirt cheap. The investors, so quick to make an easy dollar, would purchase said land before ever placing eyes on it. Unaware it, and are unaware that swampland is nearly impossible to develop, these investors arrived to their newly acquired land to find it unusable. develop. Unfortunately, this scam it is still running rampant due to the ability of buyers and sellers to purchase and sell land over the internet.
Internet.
** A variant of this occurs in the American Southwest, where scammers sell off inaccessible desert land. The lots that are sold don't have access to water, utilities, and are not accessible by road.
5th Feb '18 8:51:38 AM Njein
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* [[https://en.wikipedia.org/wiki/Swampland_in_Florida Swampland in Florida scams.]] They have been a headache to Florida for many years. Starting in the 1960s, unsuspecting investors would be told of prime swampland in Florida that was dirt cheap. The investors, so quick to make an easy dollar, would purchase said land before ever placing eyes on it. Unaware that swampland is nearly impossible to develop, these investors arrived to their newly acquired land to find it unusable. Unfortunately, this scam is still running rampant due to the ability of buyers and sellers to purchase and sell land over the internet.
20th Jan '18 4:45:47 PM dmcreif
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* Subverted in ''Series/{{Daredevil 2015}}''. Armund Tully is a slumlord that is using vandalism and intimidation to drive out his rent-control tenants. Matt, Karen and Foggy suspect that he is trying to build condos on the property. This would not be out of character for Tully, given his reputation with them and with the cops, but the reality is that he is just an agent of Wilson Fisk. And Fisk does not care about making a profit on the property because he promised it to Nobu and his faction of The Hand, who do not want the residents getting in the way of their own schemes for that valuable block of Manhattan real estate.

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* Subverted in ''Series/{{Daredevil 2015}}''. 2015}}'': Armund Tully is a slumlord that is using vandalism and intimidation to drive out his rent-control tenants. Matt, Karen and Foggy suspect that he is trying to build condos on the property. This would not be out of character for Tully, given his reputation with them and with the cops, but the reality is that he is just an agent in the employ of Wilson Fisk. And Fisk does not care about making a profit on the property because he promised it to Nobu and his faction of The Hand, who do not want the residents getting in the way of their own schemes for plans to build Midland Circle on that valuable block of Manhattan real estate.estate so they can mine for dragon bones
28th Dec '17 4:39:23 AM Cryoclaste
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* In ''SaintsRow 2'', one of the minigames available is 'Septic Avenger', where you ride around in a septic-truck and spray property with crap to lower the values. Ironically, this is feasible because of Ultor's reconstruction of the once-embattled Saints Row district, turning it into an upscale office-park... and creating a severe shortage of low-price housing. Meaning that hard-working low-income families are willing to buy a cheap house even if it's covered in crap. (The realtor-term is "Fixer-upper".)

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* In ''SaintsRow 2'', ''VideoGame/SaintsRow2'', one of the minigames available is 'Septic Avenger', where you ride around in a septic-truck and spray property with crap to lower the values. Ironically, this is feasible because of Ultor's reconstruction of the once-embattled Saints Row district, turning it into an upscale office-park... and creating a severe shortage of low-price housing. Meaning that hard-working low-income families are willing to buy a cheap house even if it's covered in crap. (The realtor-term is "Fixer-upper".)
30th Oct '17 7:03:22 PM Bissek
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* In ''Film/RurouniKenshin'', Kanryu starts up the fake Battousai murders to scare the locals into selling out and moving so he can turn the village into a port he controls so he can ship guns and drugs without the risk of being caught by the police.
* In ''Film/RomeoMustDie'', two gangs are trying to buy up every property in a part of the city, because the NFL wants to build a new football stadium nearby, and providing a properly sized plot of land with only one or two owners to deal with instead of dozens would save the NFL a great deal of effort and make the gangs millions.



* A major part of the plot of the Creator/TimDorsey novel ''Triggerfish Twist''.

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* A major part of the plot of the Creator/TimDorsey novel ''Triggerfish Twist''. A real estate dealer owns most of the houses on Triggerfish Lane, and is trying to buy up the rest so he can level all the houses on the street and build more expensive homes there he can sell at a profit. This plot involves deliberately stocking his rental houses with the most unruly tenants imaginable in an effort to drive their neighbors away.
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