May 14, 2009

Coupon: $1 million off condo purchase

A Florida real estate broker said he has been distributing coupons for $1 million off the price of a condo to help sell a luxury Palm Beach property.

Rusty Gulden said the coupons he had printed in the Palm Beach Daily News, which expire May 31, offer to reduce the price of a 2,000-square-foot unit at the Sun & Surf condo in Palm Beach from $3.7 million to $2.7 million, the Palm Beach Post reported Thursday.

Gulden said the coupon is aimed at helping him move the property despite the current state of the luxury housing market.

The volume is significantly off -- you don't need a Ph.D. in finance to know that, Gulden said.

He said the coupon has generated a lot of interest in the unit.

I've been busier than a one-armed paper hanger showing it, he said.