Condo Vultures® Bulk Projects Database™
 Peter Zalewski, a principal with the consulting firm Condo Vultures® LLC and a broker with the Florida licensed real estate brokerage Condo Vultures® Realty LLC , provides useful tips and strategies for capitalizing on the real estate correction. Want To Speak With A Vulture? Call 1-800-750-0517.
Austrian Fund Buys 64 Units In Downtown Fort Lauderdale
Monday, 26 July 2010 04:38
An Austrian private equity group has purchased 64 condo units in bulk at the Las Olas By The River condominium conversion in Downtown Fort Lauderdale for $110 per square foot, representing a 66 percent discount off of the project's average sales price, according to a new report from CondoVultures.com.
The buyer - Biscayne Atlantic Las Olas LLC with Mercelo Borodowski, Stephan Gietl, and Fernando Levy Hara - paid $8.7 million for the remaining 36 two-bedroom units, 26 three-bedroom units, and two commercial condo units in the project standing on the south bank of the New River, according to the report based on the Condo Vultures® Bulk Deals Database™.
Prior to the bulk deal, the developer had sold 176 units in the 2005 project for an average of $320 per square foot to individual buyers between December 2005 and December 2009. In 2010, the developer sold only two units before the bulk deal was completed on July 12, according to Broward County records.
"This European group has acquired one of the few remaining bulk buys in Fort Lauderdale's Downtown and Beach area at a sizeable discount, " said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "Unlike Greater Downtown Miami where some 6,600 new units were still unsold at the end of March, Fort Lauderdale's Downtown and Beach areas have less than 400 new condos that are unsold. Given the limited amount of product, we would expect the new owner's strategy to be selling units in a controlled manner while maintaining a steady rental program."
Read more: Austrian Fund Buys 64 Units In Downtown Fort Lauderdale
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18.05.09
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BULK BUYERS:
Are you a private equity group principal or institutional fund manager searching for deeply discounted multi-housing sites that are not yet listed? Do you want to deal directly with the distressed sellers? The Condo Vultures® Realty Bulk Deals Database™ is what you have been searching for up until now. Our realtime, searchable Bulk Deals Database™ features unlisted, distressed multi-housing projects, complexes, towers, and land made available exclusively to Condo Vultures® Realty by distressed developers, lenders, or owners who are ready to sell. To start utilizing our searchable Bulk Deals Database™, you will first have to register with an email address and create a username and password. Registrants who are accepted will be granted access to our Bulk Deals Database™ and receive email alerts whenever a new project is added or the status of an existing project changes. Please note that the Bulk Deals Database™ is available only to buyers and/or buyer representatives.
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18.05.09
Content >> FP Mods
SELLERS:
Are you a developer, lender, or owner who wants to unload a project, complex, tower, or development site quickly and quietly? Are you tired of dealing with prospective buyers who aren't serious or even qualified? Stop allowing your project to be shopped around through the daisy chains, and bring the product to the real estate brokerage that has the qualified buyers with the capacity to close the deal. If you are interested in finding out more, please complete the brief registration form so that a member from our Bulk Division contacts you to explain how to get your project in front of our ready, willing, and able buyers.
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