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South Florida

Bulk buyers take 7 million square feet

Olivine, the site of a recent bulk buy in Coconut Creek

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Bulk buyers have acquired more than 7 million square feet of condo
space in the tri-county area since July 2008, according to a report from
Condo Vultures. The total comes from more than 60 deals in Miami-Dade,
Broward and Palm Beach counties, working out to an average of about $226
per square foot. The report is based on the Condo Vultures Bulk Deals
Database. “As the class A bulk product is depleted, private equity
groups and institutional investors are being forced to shift their focus
into inferior areas,” said Peter Zalewski, founder of Condo Vultures.
“Watch for the average price per square foot for bulk deals to slip in
the next 12 months.” Some have predicted a wave
of new bulk activity after a new law removing successive developer
liability for bulk buyers went into effect two months ago. TRD

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Condo VulturesPeter Zalewski