Bulk Buyers Spend $125 Million In South Florida Since 2008

Bulk buyers have purchased nearly 600 new condo units in South Florida in the last year, shelling out about $125 million in cash for more than 630,000 square feet of livable space, according to a new report from Condo Vultures® LLC.

Since July 2008, nine bulk purchases - including four deals in the last month - have been recorded in South Florida at an average price of $198 per square foot.

The bulk deal with the highest price paid is $246 per square foot for 146 units in 50 Biscayne condominium in Downtown Miami back in July 2008.

The lowest price paid is $63 per square foot for 51 condo-hotel units in the One Bal Harbour project that just closed within the last month. It is worth noting that the One Bal Harbour deal was contingent upon the buyer also acquiring the common areas and land of the condo-hotel tower from the seller for $12 million in a separate transaction recorded by a different entity.

"Bulk buyers are purchasing new condo units that average 1,060 square feet in South Florida for about $210,000 per door," said Peter Zalewski, a principal in the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "The common denominator present in every one of these transactions - besides poor timing by the developers - has been the buyers' focus on overall quality. Every deal has occurred in a project that is well designed and/or located."

The latest deal to close involved a South Beach investor who purchased 15 units for $4.2 million in the Marina Blue condominium tower on Biscayne Boulevard in Greater Downtown Miami across from the American Airlines Arena, according to the Condo Vultures® Bulk Deals Database.

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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

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