The Real Deal Miami

Vultures circle Miami and buy

October 20, 2008 10:48AM

Distressed real estate investors are landing in South Florida to pick off properties in a region where property values have dropped 24 percent in a year. The region has seen foreclosures on more than $14.2 billion worth of property this year. The bargain hunters aren’t quivering — Beverly Hills banker Joel Heffron has considered buying a 14th-floor two-bedroom on the waterfront that listed at $299,000, down from $700,000 just months ago. He thinks the foreclosed-on home could go to $250,000. Throughout the region, thousands of similar deals are being negotiated.