Condo Vultures: Florida Moves to Provide Relief on Foreclosures

Condo Vultures is a real estate consultancy firm and licensed Florida real estate brokerage based in Bal Harbour.
Condo Vultures Realty’s business approach is unique in that we do not represent sellers.
Peter Zalewski, who tracks downtown Miami condo sales as CEO of Condo Vultures Realty, said he's shocked that Wachovia filed foreclosure against Wind by Neo, which he said had a good sales pace.

Gov. Charlie Crist is hoping to have a proposed moratorium on foreclosures through the holidays and into next year.
Properties that ended up in the hands of banks, that are not into the real estate business are known as "real estate owned" or REOs.
Condo Vultures reported that a spike of 190% in REOs in the South Florida tri-county area in the first three quarters of 2008.

Help comes none too soon, as the Florida housing market, founders under the weight of tens of thousands of foreclosures.

situated between Miami and Fort Lauderdale. Created in 2006, our brokerage represents buyers in the acquisition of residential properties at attractive prices.
If your focus is vulturing in the Western United States, we encourage you to speak with someone from our offices in Las Vegas or San Diego. Offices in Los Angeles and Phoenix are in the planning stages.
Condo Vultures Realty’s business approach is unique in that we do not represent sellers. By focusing exclusively on buyers, our associates can concentrate on assisting clients to identify the best overall properties available. Condo Vultures® Realty relies on public records and private research to quickly detect opportunities our focus markets.
A key tool that we utilize is a proprietary database that tracks vulnerable properties. Our Vultures Database™, as it is called, features nearly 5,000 entries, many of which have been available for several months and have come down significantly in price. Our database is shared only with clients, however, every month we issue a limited version of the database for review. (Analysis of the database is a common subject of our blog.) Our current November 2008 report is tracking properties where the asking prices have been slashed by -36 percent, or $242,433.
Peter Zalewski, who tracks downtown Miami condo sales as CEO of Condo Vultures Realty, said he's shocked that Wachovia filed foreclosure against Wind by Neo, which he said had a good sales pace. The building was closing about 23 units a month since March, he said. Usually, it takes a developer a year to sell out a 400-to-500-unit building, Zalewski said. Wachovia gave Wind by Neo nine months.
"It seems to me that Wind is getting a bad shake," Zalewski said. "Wind got caught in a situation where they are being made a sacrificial lamb."
346 Brickell condos offered in bulk sale. CONDO VULTURES Florida Moves to Provide Relief on Foreclosures
Condo Vultures is a real estate consultancy firm and licensed Florida real estate brokerage based in Bal Harbour.
Condo Vultures Realty’s business approach is unique in that we do not represent sellers.
Peter Zalewski, who tracks downtown Miami condo sales as CEO of Condo Vultures Realty, said he's shocked that Wachovia filed foreclosure against Wind by Neo, which he said had a good sales pace.
Gov. Charlie Crist is hoping to have a proposed moratorium on foreclosures through the holidays and into next year.
Properties that ended up in the hands of banks, that are not into the real estate business are known as "real estate owned" or REOs.
Condo Vultures reported that a spike of 190% in REOs in the South Florida tri-county area in the first three quarters of 2008.
Help comes none too soon, as the Florida housing market, founders under the weight of tens of thousands of foreclosures.
MiamiHerald.com
Few bulk deals have been completed, however, despite an enormous inventory of unsold units and hordes of vulture buyers trolling for bargains. ...
clipped from Google - 12/2008
S. Fla. home sales up slightly
Bizjournals.com
The number of pending sales was up 1 percent to 9393 as of Monday, according to a new report from Condo Vultures Realty LLC. A week earlier there were ...
clipped from Google - 12/2008
S. Fla. Condo Market Begins Attracting Buyers Again
Local10.com
"Prices are really dropping dramatically," said Peter Zalewski, whose firm, Condo Vultures, helps buyers find values among the massive inventory of ...
clipped from Google - 12/2008
Florida Moves to Provide Relief on Foreclosures
TIME
Peter Zalewski, founder of Condo Vultures, projects that nearly 75000 properties in the tri-county area will slip into foreclosure this year, up from 33154