South Florida condo, townhome transactions up 11 percent: report

Resale transactions of condominiums and townhomes in South Florida are
up 11 percent this year, driven by a surge in cash deals and short
sales, according to a report from Condo Vultures. Despite the increased
deal flow, the median condo resale price in the region is down 63
percent from 2006. “Cash buyers from the United States and abroad are
descending on South Florida to acquire deeply-discounted condos and
townhouses,” said Peter Zalewski, founder of brokerage and consultancy
Condo Vultures. Zalewski said many investors had begun to shift their
focus to resales, particularly in the distressed market further inland.
— Alexander Britell