46 units purchased at the Capri South Beach Condos

Capri South Beach condos, Miami Beach real estate

With the intent of performing various renovations, Nadim Achi and Miami-based Fort Capital Management purchased 46 units out of a total 69 in the Capri South Beach condo building at the end of May. They have a five-year plan to sell the units with an eye toward buyers in New York and Brazil. Fort Capital's Achi is part of a new trend of bulk buyers that are now purchasing Miami Beach real estate but taking a more patient approach instead of flipping quickly like some investors do.

Peter Zalewski, founder of Condo Vultures, comments that: "It's kind of the trend now. There's a commitment of capital by the bulk buyer, it's different than what you had seen previously, where you buy and then try to resell. Now they buy and wait, and they're going to be more stringent on the prices they accept."

Full Article....46 units purchased at the Capri South Beach Condos

With Miami condos cash is still king

Miami condos, Miami Beach real estate

When buying Miami condos, cash continues to rule - Condo Vultures LLC reports that from January through March almost 600 Miami condos in 29 different projects were bought with cash in the greater downtown Miami area. According to the Miami Beach real estate consultants, fewer than 120 units in 19 projects were financed.

A principal with Condo Vulture, Peter Zalewski said, "Even though the U.S. government is encouraging lenders to once again finance condo purchases, the results have not been impressive in South Florida. Many lenders claim to be willing to consider writing loans for buyers of condominiums, but the end results simply do not support that.”

Full article...With Miami condos cash is still king