In the fourth quarter of 2010, EWM Realtors Alexandra and Vicki got several investor inquiries as to the feasibility of Miami bulk condo buy-outs. EWM’s President, Ron Shuffield, commented as to how few bulk condo purchases there are to be had in Miami right now, saying that those that are available are often priced above where investors are aiming.
Most bulk buyers are looking to pay 50 cents on the dollar. Even with financially feasible bulk purchases, there are often hidden surprises. Something as simple as a lack of cable or TV wiring can correlate to substantial additional costs. Bulk condo purchases are risky. there’s no question about it. When 50% or more of a given building is investor owned, low occupancy rates can add to maintenance, service, upkeep issues … not to mention disgruntled owners /occupants.
With the stock market wavering, investors are looking toward real estate as a viable alternative. Please don’t hesitate to contact the Restivo Team if you are considering purchasing property anywhere in Miami – be it commercial or residential (single family or a condo). We will be pleased to assist you. The Restivo Team 305 -793-1365 and 305 -632-0164.
