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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.

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