Strategies of the Condo Vultures®

Individuals planning to attend Tuesday's First-Time Home Buyers Dos and Don'ts seminar are encouraged to register as soon as possible for the free event given the strong response.With the $8,000 first-time home buyers federal tax credit scheduled to expire in November, many purchasers are scrambl...

A South Florida private equity group purchased 51 new, oceanfront condo-hotel units in the luxury One Bal Harbour complex at $63 per square foot, a discount of 94 percent off of the $1,100 per square foot average recorded sales price, according to a new report from Condo Vultures® LLC.Elcom Condo...

Federal regulators have seized the South Dakota bank foreclosing on a nearly $12 million oceanfront condo development site in Greater Miami Beach.BankFirst of Sioux Falls, S.D., was shut on Friday, July 17, less than a month after the 14-year-old institution filed to foreclose on a 1.1-acre site ...

Banks repossessed 16 percent fewer South Florida properties in the second quarter of this year than were seized during the same period a year ago despite an increased number of foreclosure filings in the tricounty region, according to a new report from Condo Vultures® LLC.Lenders repossessed 5,99...

A $12 million foreclosure action has been launched against an oceanfront development site in Sunny Isles Beach that is to house a proposed 43-story luxury condominium tower featuring only one unit per floor, according to the Condo Vultures® Foreclosure DatabaseTM.BankFirst of Sioux Falls, S.D., f...

Early estimates in response to dozens of lawsuits have determined that defective Chinese drywall is present in at least two percent of the 20,000 single-family houses developed in Florida between 2006 and 2007 by Miami-based homebuilder Lennar Corp.The number of defective residences may grow even...

A 1.4-acre oceanfront property zoned for a high-rise condo tower in Sunny Isles Beach is scheduled to be auctioned off in the next 60 days to the highest all-cash bidder at the Miami-Dade County Courthouse, according to Condo Vultures.com.A final judgment amount of nearly $26.3 million, or $419 p...

A Miami Beach company headed by Jorge Mattos has purchased 21 units in the Marina Blue condominium tower in Downtown Miami for $5.69 million in an all-cash deal involving the project's former mezzanine lender, according to a new report from Condo Vultures® LLC.A newly formed Florida corporation c...

The Related Group, the nation's largest condo tower developer, is attempting in the next two months to finalize plans to return thousands of unsold new units with debt of "roughly $1.5 billion" to the construction lenders, according to Miami news reports.The admission comes just as the Related Gr...

The pace of new condo closings in Greater Downtown Miami slowed by half in the second quarter of 2009 to 2.7 sales per day, down from an average of 5.2 per deals day in the first quarter of the year, according to a new report from Condo Vultures® LLC.Buyers purchased 246 units in the 60-block str...