Condos sales are up an estimated 70 percent from last year. Many of the recent purchases are being conducted by large firms buying in bulk at rock bottom prices. Lionheart Capital, consisiting of a team of Miami investors and strategists and backed by a New York based private-equity firm, recently dropped $120 million for 146 units at the 2700 North Ocean Drive towers on Singer Island in Palm Beach County. Condo Vultures reported this is the 50th bulk purchase in South Florida in the past two years. These bulk purchases tend to boost sales numbers but keep median prices down, since they are often bought at a discount.
And while it is still a buyer's market, reports are showing that home sales are rising. Still, insiders are sure that while this is the opportune time to buy, groups like Lionheart may have to wait some time before fully realizing their investment. Prices have begun to rise, but are not yet at pre-recession levels.
"We've seen a decline in inventory and increase in sales, and when you've got those two graphs going in a positive direction, it's a good sign,'' said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors.
Read more: http://www.miamiherald.com/2010/06/22/1695151/buying-in-bulk-shows-new-taste.html#ixzz0rjM7nJld