The Real Deal Miami

Chinese drywall hits area property values

June 01, 2009 03:03PM

Homes allegedly damaged by the sulfurous compounds of Chinese-made drywall could have an infectious influence on the already battered property market, particularly in communities created by a particular developer that has already been linked to the problem. Peter Zalewski, a principal with Condo Vultures, an area real estate consulting group, said it could lead to vulture investment purchases as prices get depressed near affected homes. Attorney Mark Blumstein, who has filed class-action lawsuits against imported drywall manufacturers, suppliers and home builders, said regional contractors could also see a big boost in their repair businesses. The Real Deal recently wrote about drywall’s impact on the property market.