X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI, FL-As the year is coming to a close, more and more bulk condo buyers are flooding the market, trying to find fractured condo deals at reasonable rates. The Miami Herald reports that local and foreign investors believe the market might be hearing bottom, if not already there.

“If we’re not at the bottom, we’re close enough and they are coming in and buying assets for 30 to 50 percent less than replacement cost,” said Craig Studnicky, president of Aventura-based International Sales Group told the Herald.

The article goes on to say that fire sales prices offered by lenders anxious to reduce their inventory by year end is another appeal to investors. The article goes on to state that with commercial real estate values anticipated to drop in the latter part of 2010, the lenders are attempting to “shore up balance sheets in anticipation and preparation for the real drama that comes next year,” according to Peter Zalewski, principal with Condo Vultures, a company that tracks sales of new condos in Miami-Dade County.

Read more details here. 

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.