Investors Selling Off South Florida Condo Units Bought in Housing Bust

by Isaac Benmergui, Esq on July 23, 2012

More than half the South Florida condominiums that bulk buyers purchased during the housing bust have been resold. Of the 5,100 units that were in foreclosure or close to it, about 3,200 have already been sold off.

Developers of the new construction of condos can thank the bulk buyers for the opportunities to build due to the shrinking inventory of available units. And now that property values are on the rise in Miami-Dade, the groups that bought and rented out condos will probably wait until values rise further before selling, causing new units to sell before construction is completed.

By year’s end, projected new unit construction could bring as many as 10,000 new condos to the market.

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