The list of bulk buyers coming to Florida looking for value continues to grow as a Denver group sets its sights on cheap condos in the Sunshine State.
Colorado & Santa Fe, the entity that a group of Denver investors operated under, has liquidated $250 million worth of commercial real estate in Arizona, Colorado and Texas with the intention of buying condos on Florida’s west coast.
"Orlando, Fort Myers and Tampa Bay are the areas where projects are being taken back by lenders, and we're bidding in those markets," Marcel Arsenault, the company’s chief executive told the Denver Post. "Florida is a terrible market. There's blood in the streets, and it's going to get worse."
The new fund will operate under the name Condo Capital Solutions although no Florida entity has yet been established.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com.
Copyright © 2007, Condo Vultures® LLC
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