Jack McCabe — Is bulk buying of distressed assets dictating market prices?

TRD New York /
Sep.September 08, 2009 05:53 PM

From the South Florida Web site: Developments fail, banks follow, the blood begins flowing. The
trigger to the increasing velocity of recent bulk deals of South
Florida real estate assets is the culmination of a chain of events in
this historic boom/bust cycle. Florida’s population is
decreasing. Unemployment has more than doubled and continues to
increase. According to the Clerk of Courts in Miami-Dade, Broward, and
Palm Beach counties, foreclosures have multiplied exponentially to a
projected 200,000 filings in 2009. Pre-construction deposit
holders on condominium units are canceling closings on completed units
in the thousands. Project scale foreclosures and lawsuits between
lenders and developers are accelerating. Buyers seeking refunds of
deposits are jamming the court houses and creating a cottage industry
for law firms. Jack McCabe is CEO of McCabe Research & Consulting in Deerfield Beach, Fla. He is an independent real estate analyst and consultant to major developers, lenders, and investors.

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