The Real Deal Miami

Vulture groups profiting in Miami

February 04, 2009 04:04PM

As Miami’s condo market passes saturation point, with over 25,000 units for sale, vulture firms are finding ways to profit from the slowing real estate market. One such firm is Condo Vultures, which employs about 35 agents who now close a total of about 30 deals each month, compared to 12 or 15 monthly deals last year. The firm works mostly with investors, who are eager to close deals quickly and cheaply in a down market.