The Real Deal Miami

Vulture funds continue to buy

May 30, 2008 04:39PM

A vulture fund called Universal Venture Fund purchased a 72-acre, 116-home community in Coral Lakes for $13.5 million in March, and is now selling the homes starting at $86,900. Analysts say that while many such investors have been unsuccessful, those willing to discount their prices realistically have moved properties. Many highly leveraged loans in the market will mature this summer, according to Aventura-based Sky Development, which plans to raise a $350 million opportunity fund to start buying up properties this fall.