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Bulk Sales Of Condos Being Tested In Florida

Miami bayfront highrise condosOver 23,000 condos were built in Miami since 2003 and their prices have fallen by half since December 2006!

The glut of condos has not gone unnoticed!!  Opportunities to make money in this sector of the economy has created the Bulk Purchase Of Condos  as a new concept that is being tried first in Miami and if this proves successful, it will spread to cities like Las Vegas and San Diego where many condos are standing empty.

In Aventura, the Artech development of condos at 3131 N.E. 188th Street was completed with 235 units.  41 of these units were bought in bulk and at greatly reduced prices from the developer and are now on the market with 15 having been sold, so far.

At Bal Harbor One, a luxury highrise overlooking the gorgeous Government cut oceanfront, sold off 51 condo hotel units for 14.6 million dollars, to a bulk investor.

This type of purchase, allows new prices for these condos to be set at current rates and buyers will be able to take great advantage of severely reduced prices of well built, luxury properties.  Truely, a great chance to really get a deal.

This also allows condos to get filled up and collect maintenance fees.  These private investors are acting stragically, pricing the properties at the market, offering incentives, and sometimes renting those that don’t sell.  They are filling a need in the market place.

This is good old fashioned American ingenuity!  Please call me for more details and information if you are considering a bulk purchase…

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These articles are not intended to give legal or tax advice, and you should consult your attorney or financial advisor for additional information.

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