condo cowboys

condo cowboys

A derogatory term among condominium developers used to refer to inexperienced persons with little training, experience, or capital, but who decide to engage in condo construction or conversion. Such people often ignore established methods and principles of development and marketing, frequently encounter financial difficulties requiring additional financing at high interest rates,and then dump units on the marketplace with little or no profit margin but with the net effect of forcing down prices in the entire market.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
"Physicians call them 'condo cowboys.' You'd expect seniors to be mature, but they're like teenagers.