There Is No Room For Vultures in Coconut Grove
December 14th, 2008 categories: Coconut Grove Market Conditions, Condos
Many of you may have watched 60 minutes tonight on CBS where Scott Pelley reported on the state of the mortgage crisis and the effect it is having on South Florida’s condo market. Pelley focused mainly on Downtown Miami and Brickell in his interviews and stories. He spoke with Peter Zalewski of Condo Vultures Realty, a Miami company that helps to “clean up the mess” when developers are left with hundreds of unsold units in their buildings. There was quite a bit of doom and gloom reported and I just wanted to clarify one thing: Coconut Grove’s condo market cannot be lumped into the rest of Miami’s.
Coconut Grove has not seen a rash of condo foreclosures or developers left with unsold inventory. There is certainly a sprinkling of foreclosures and short sales here and there, but the majority of our sales this year have been solid sales. Read my post “Coconut Grove Condo Market Update” where I discuss the state of the market in Coconut Grove’s top 5 condo buildings.
As the title says, there is no room for condo vultures in Coconut Grove. We’ll stick with the peacocks thanks.
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I like your perspective!