Finding opportunity in the ruins

Entrepreneurs, from vulture investors to developers-turned-contractors, have adapted to the market crash in South Florida and are looking for profits as the real estate business struggles to recover. Jeff Waters, of Giving Tree Development of Fort Lauderdale, buys mortgage notes at deep discounts and lowers payments for troubled home owners. Some developers are finishing up the cratered condominium projects their troubled competitors left behind. Jack McCabe, a Deerfield Beach real-estate analyst, said people with the foresight to shift gears for a tumultuous marketplace have found opportunities to start and grow businesses. Those who haven’t, he said, are catching fish and improving their golf games. [Miami Herald]