Condo Vultures: What do they expect?
I keep wondering what the condo vultures expect to gain from their purchases. How much lower than market value? Just read this article about Peter Zalewski with some examples:
- A Colombian doctor put down nearly $1.3 million on 12 condos. That’s $108k per condo….CHEAP!
- A two-bedroom, 2.5-bath, bayfront condo listed for $495,000 and appraised for $550,000 purchase for $420,000.
In the article Peter says he expects the company to live no more than 3 years. If he’s the expert (at least a lot of people are trusting him) then I would try to hang in there for 5…maybe years.
Posted: August 27th, 2007 under Uncategorized.
Comments: 1
Comments
Comment from miamicrash
Time: August 30, 2007, 8:55 am
http://www.orlandosentinel.com/business/orl-condobust2707aug27,0,2001796.story?page=1
utterly depressing article on miami condo market, comparing it Orlando… Orlando is suffering from a 4,900 condo surplus
Miami has 23,000 surplus and 25,000 in the pipeline for the next 2 years.
walking away from the deposit is looking like the most likely option at this point… sad to say
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