Wall Street Gobbling up South Florida Condo’s in Bulk
Florida implented the act on July 1st and the result has been overwhelmingly successful, so far. The first thing the act did was give condo associations the right to demand deliquent renters pay rents directly to the association. Even more significant, the law eliminated developer liability. Prior law defined a developer as anyone who sold or leased more than 7 units in a condo in one year. Under the old law, “Developers” faced potential unlimited liabilities for such things as construction warranties..
By removing the unlimited liabilty for bulk investors, major Wall Street firms, which represent billions in assets and capital, descended on South Florida and began gobbling up condo units in bulk. “Since the law went into place, activity has been “off the charts”, said Peter Zaleswski, founder of Condo Vultures. “We’re moving away from a situation where it’s 10 oe 20 units in a bulk buy, to one where it’s 100 or 200 or even 300 units,” Zalewski said. “You have several Wall Street funds competing on the same projects. It’s all because of the change in the new law.”
Good news for Florida homeowners and builders…Zalewski said the change has been drastic. “I would challenge you to find one of the largest groups on Wall Street who’s not looking into South Florida right now.” Zalewski predicted…”I would anticipate you see some huge numbers put on the board by the end of the year.”
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