Strategies of the Condo Vultures®

Lenders repossessed an average of 69 homes a day in South Florida in the first nine months of the year, according to a new report from Condo Vultures® LLC.At that pace, the number of bank-owned properties in South Florida is skyrocketing, increasing by 134 percent to 7,100 properties in the third...

A South Florida city devastated by foreclosures is asking the state of Florida to create a mortgage court to deal with the spiking number of problem loans. A crucial aspect of the proposal calls for the would-be mortgage court to provide borrowers with a 120-day moratorium on foreclosures thus en...

For every 50 people living in South Florida, there is currently one single-family house, townhouse, or condominium actively for sale in the tricounty region, according to a new report by the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. Nearly 110,000 residences are actively for sale i...

As the Treasury Department works feverishly to stabilize the U.S. financial system, regulators were busy Friday, Oct. 10, seizing two more banks in emergency actions that are estimated to cost between $45 million and $54 million.Main Street Bank, a $98 million in assets institution based in North...

As the global markets tumble, nearly 4,500 coastal residential properties in Miami-Dade, Broward, and Palm Beach counties have fallen by a combined value of -$1.05 billion, or an average of -33 percent, off of their historical highs, according to a new Vultures DatabaseTM report from Condo Vultur...

The construction crane building the new Marquis condominium on Biscayne Boulevard in the Greater Downtown Miami area is coming down this week, symbolizing the end of vertical residential development era in the area for several years. Workers are disassembling the construction crane that was instr...

Bankrupt investment firm Lehman Brothers is foreclosing on nearly $91 million in problem South Florida loans, an amount that represents nearly 1 percent of the regional total foreclosure value through the first three quarters of 2008, according to a new report from Condo Vultures® LLC.Most of Leh...

Hampered by falling property taxes, a South Florida group is proposing a 2010 constitutional amendment to permit full-fledged casino gambling just west of Biscayne Boulevard in Downtown Miami.Developers of the 25-acre Miami Worldcenter have established the organizational framework to put a casino...

Regulators shut down an average of one bank about every 10 calendar days in the third quarter of this year, adding up to nine failed institutions in a 92 day span from July through September.The nine failed institutions had assets of $347 billion and deposits of $214 billion at the time of closin...

Federal regulators swooped in to shut down the 12th financial institution of the year and the eighth since July 11, seizing a community bank with links to Florida that has been battered by nonperforming residential loans. Ameribank Inc., a 102-year-old institution with assets of $113 million base...