A new opportunity fund launched by Miami homebuilder Sergio Pino plans to gobble up as much as $500 million in discounted raw and developable land throughout Florida, according to the Miami Herald.
Pino’s creation of an opportunity fund marks no fewer than four influential Miami business leaders who have established buying pools to purchase discounted real estate.
''Some day, after doomsday, housing will be in demand again,'' Pino told the Miami Herald. ``We want to stockpile valuable land.''
It is not difficult to see why Pino is so interested in purchasing land.
Many banks and financiers are having an impossible time unloading land as there is no revenue to be generated and the likelihood of building again is years away. Given the bearish outlook, many lenders and developers are considering and increasingly dumping land at discounts of nearly 90 percent.
Pino’s newly created Century Opportunity Fund has already secured $100 million, and is working diligently to obtain commitments for the remaining 80 percent of the desired amount.
Pino’s Century Homebuilders of South Florida and other entities have developed about 10,000 residences in about 25 South Florida communities, according to the company’s website.
It is unclear if the Century Opportunity Fund will acquire any real estate already owned by one of Pino’s various Florida corporations.
The Century Opportunity Fund is to be run by the same board of directors that currently governs Pino’s Century Partners Group, according to the Miami Herald.
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. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™.
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