No Santa Claus for unsold condos
June 19, 2008 04:26PM
By Mary Duan
Craig Studnicky, executive vice president and a founding partner of International Sales Group
From the June issue: Owners of Florida's glut of distressed condos are looking for Santa Claus, but so far the gifts have been few. It seems Santa is waiting for a 20 percent rate of return before he comes down the chimney.
Welcome to the era of the distressed condo market, in which developers of the 75,000 condo units recently completed, or about to come online, are aggressively looking for ways to sell their excess inventory. A variety of companies now are stepping forward to buy, sell and reposition the under performing properties.
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