Strategies of the Condo Vultures®

Nearly 2.7 million square feet of condos, townhouses and single-family homes in coastal South Florida sold in 2008 at an average discount of -43 percent, or -$323,784 per residence, according to a new report from Condo Vultures® LLC.There were 1,717 properties east of I-95 in Miami-Dade, Broward,...

Residential real estate resales in South Florida dropped by -4 percent in 2008 to 34,915 transactions compared to 36,366 in 2007, according to a new report from Condo Vultures® LLC using data from the Florida Association of Realtors.The Greater Miami metropolitan area experienced a -19 percent dr...

For the first time in recent memory, the number of single-family houses, condominiums, and townhouses on the resale market in South Florida could drop below 100,000 residences, according to a new report from Condo Vultures® LLC.Simultaneously, the number of pending sales has broken the important ...

Fearing widespread mortgage default on $1.1 trillion of investor-owned properties, JP Morgan Chase has launched a new loan modification program aimed at keeping landlords paying their debt service.JP Morgan Chase's loan modification program - dubbed The Way Forward - piggybacks off the financial ...

Fannie Mae, the public-private mortgage giant bailed out by the U.S. government in 2008, is going into the short-term rental business.Fannie Mae has unveiled a new National REO Rental Policy that now permits renters - regardless of credit score or payment history - to lease homes that have been r...

A South Florida private equity fund has paid $277 per square foot for 101 units in the Related Group's Harbour House oceanfront condominium conversion in wealthy enclave of Bal Harbour, Fla.A Florida entity called HH Condominium Investments LLC, with Thomas F. Daly as president and former Miami B...

A Pennsylvania businessman has paid $165 per square foot - at least $15 per foot below the construction replacement cost - for 26 units in the new but struggling Edge condominium in West Palm Beach, according to the Palm Beach Post.The highest closing price in the tower was $475 per square foot i...

An all-cash, bulk buyer that paid $36 million for nearly 150 units in a new Downtown Miami condominium tower last summer has just secured a $21 million mortgage on the remaining high-rise residences that haven't been resold, according to the Wall Street Journal.An opportunity fund established by ...

The lender of the Whitney condominium in West Palm Beach has taken back the remaining unsold units in the recently constructed nine-story residential tower, according to the South Florida Business Journal.New York-based iStar Financial has taken back 140 unsold units from the Miami developer Ever...