Masterful Web Entrepreneurs Hit a Snag in Miami’s Condo Market

THE NEW YORK TIMES—Jim Clark and Tom Jermoluk cut a swath through Silicon Valley in the 1990s with companies like Silicon Graphics, Netscape and WebMD. But they are finding that it is a lot harder to maneuver through the real estate market than to master the Internet.

Five years after they decided to put their entrepreneurial talents and technology fortunes to work building Miami condominiums, the first two projects by their company, Hyperion Development, are plagued with delays and unhappy buyers. Some residents at the first tower, named Blue, are threatening to sue the company for not delivering on amenities, while other owners at the 330-unit complex are trying to sell their condos for less than they paid. Read article.