Flamingo sees 43 units in foreclosure

The first quarter of 2011 saw 43 units at the Flamingo South Beach in
foreclosure by the condominium’s association, according to a report from brokerage and consultancy Condo Vultures. The condo association is seeking nearly $760,000 in
past-due maintenance fees at the project, a condo conversion.
“At the peak of the market, the Flamingo South Beach condominium was one
of the most popular projects for investors,” said Peter Zalewski,
founder of brokerage and consultancy Condo Vultures. “Buyers were
willing to pay a premium for the units in the refurbished 1960s
structure as rental rates in the complex were some of the highest in
South Beach.” The Flamingo is located at 1500 Bay Road on the western
side of Miami Beach. TRD