The Real Deal Miami

Almost 3,250 condo units resold by bulk buyers since crash: report

June 28, 2012 12:00PM

Nearly 3,250 condominium units in South Florida purchased by bulk buyers have since been resold, according to a report from Condo Vultures. The units sold for an average of $340 per square foot from late 2008 and early 2011. “The impact of bulk buyers — spending more than $1.7 billion — has been vital to the stabilization of South Florida’s coastal condo markets,” said Peter Zalewski, founder of Condo Vultures. “Bulk buyers — initially from abroad but more domestic in recent years — worked to backstop the South Florida coastal condo market by acquiring 11 percent of the units created and transacted by developers since 2003.” — Alexander Britell