The Real Deal Miami

No Santa Claus for unsold condos

By Mary Duan | June 19, 2008 06:40PM

From the June issue: Owners of Florida’s glut of distressed condos are looking for Santa Claus, but so far the gifts have been few. It seems Santa is waiting for a 20 percent rate of return before he comes down the chimney.

Welcome to the era of the distressed condo market, in which developers of the 75,000 condo units recently completed, or about to come online, are aggressively looking for ways to sell their excess inventory. A variety of companies now are stepping forward to buy, sell and reposition the under performing properties.