Strategies of the Condo Vultures®

An investment fund has paid $22 million for an undeveloped site on Brickell Avenue in the heart of Downtown Miami's Financial District, marking the third land deal to close in the fourth quarter, according to a report compiled by Condo Vultures® LLC.A newly created entity called 1451 Brickell, In...

A Tampa area bank has been seized by regulators, marking the 17th U.S. institution to fail this year and the second in the state of Florida since August.Freedom Bank, a Brandenton, Fla.-based institution with four branches and assets of $284 million, was seized by Florida regulators on the aftern...

Opportunistic buyers scouring the South Florida market for deeply discounted residential property deals will shortly have to deal with yet another competitor: local government.The governments of Miami-Dade and Broward counties have compiled a combined $80 million to spend on bank-owned properties...

A new opportunity fund launched by Miami homebuilder Sergio Pino plans to gobble up as much as $500 million in discounted raw and developable land throughout Florida, according to the Miami Herald.Pino's creation of an opportunity fund marks no fewer than four influential Miami business leaders w...

The wealthy may be immune to economic downturns but that hasn't stopped 33 luxury properties valued at between $1 million and $5 million from going into foreclosure in South Florida, according to a new Vultures DatabaseTM report from Condo Vultures® LLC.Condo Vultures® is currently tracking 14 lu...

The last residential construction crane of Greater Downtown Miami's speculative condo era was disassembled last week and hauled off on flatbed trucks north on Interstate 95.The removal of the construction crane at the 47-story, 346-unit Paramount Bay condominium tower situated in the Biscayne Bou...

Regulators seized two-year-old Alpha Bank & Trust based in suburban Atlanta, marking the second Georgia institution to be shuttered within 60 days and the 16th lender to fail nationwide this year.The Georgia Department of Banking and Finance shut Alpha Bank & Trust, a three-branch institution bas...

Developer Jorge Perez's The Related Group plans to pay more than 100 former contract holders who defaulted on their 20 percent deposits at the 50 Biscayne condominium tower in Downtown Miami about $25,000 each to walk away from any future claim, according to CBS 4 in Miami.The $25,000 payment is ...

A Miami investment group paid $368 per square foot for about 40,000 square feet of raw commercial space in the recently completed Marina Blue condominium in Greater Downtown Miami, according to the South Florida Business Journal.A newly created entity called 888 Biscayne Enterprises LLC purchased...

The construction crane used to build the new 51-story, 530-unit Mint condominium tower in Greater Downtown Miami has been disassembled and trucked off on flatbeds heading north on Interstate-95.The removal of the Mint's construction crane situated on the north bank of the Miami River means only o...