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South Florida

Related bulk purchase could be first of many

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With an increasing number of underperforming home mortgages and homes owned by banks, many believe the below-market bulk purchase of units by Related Group of Florida last month was the first of what will be a growing trend in South Florida, which will allow banks to cut their losses. McCabe Research & Consulting founder Jack McCabe predicts there is at least $30 billion in capital raised by so-called vulture funds to purchase distressed properties in the state. Related Group’s purchase of 120 condo units in 50 Biscayne last month represented a price of around $235 per square foot, or about half the price paid for individual units in 2007.