Strategies of the Condo Vultures®

Real Estate Broker/Owner - Condo Vultures® LLC
Jonathan M. Pertchik, the former chief restructuring officer for luxury condo developer WCI Communities which built several South Florida towers before seeking bankruptcy protection for a time, will have plenty to discuss as the keynote speaker at tonight's Condo Vultures® seminar. Pertchik has j...
A Boca Raton company has paid $39 million for nearly 300,000 square feet of vacant land situated on nine parcels in Downtown Miami, according to a new report from the Condo Vultures® Bulk Deals Database.The newly created PWV Group 1 Holdings LLC, with Gary N. Gerson as registered agent, paid $130...
Regulators have seized three bank, two headquartered in Florida and one in Oregon, resulting in an estimated loss of $185 million to the Federal Deposit Insurance Corp.First State Bank, a Sarasota, Fla.-based institution with assets of $463 million and deposits of $387 million, was shuttered on F...
Federal regulators are staffing up for next month's scheduled opening of what is poised to be a 500-person bank failure and asset sales office in Florida.The Federal Deposit Insurance Corp, which insures individual accounts up to $250,000, plans to open a "temporary" east coast office on Jacksonv...
Individuals planning to attend Tuesday's First-Time Home Buyers Dos and Don'ts seminar are encouraged to register as soon as possible for the free event given the strong response.With the $8,000 first-time home buyers federal tax credit scheduled to expire in November, many purchasers are scrambl...
A South Florida private equity group purchased 51 new, oceanfront condo-hotel units in the luxury One Bal Harbour complex at $63 per square foot, a discount of 94 percent off of the $1,100 per square foot average recorded sales price, according to a new report from Condo Vultures® LLC.Elcom Condo...
Federal regulators have seized the South Dakota bank foreclosing on a nearly $12 million oceanfront condo development site in Greater Miami Beach.BankFirst of Sioux Falls, S.D., was shut on Friday, July 17, less than a month after the 14-year-old institution filed to foreclose on a 1.1-acre site ...
Banks repossessed 16 percent fewer South Florida properties in the second quarter of this year than were seized during the same period a year ago despite an increased number of foreclosure filings in the tricounty region, according to a new report from Condo Vultures® LLC.Lenders repossessed 5,99...
A $12 million foreclosure action has been launched against an oceanfront development site in Sunny Isles Beach that is to house a proposed 43-story luxury condominium tower featuring only one unit per floor, according to the Condo Vultures® Foreclosure DatabaseTM.BankFirst of Sioux Falls, S.D., f...
Early estimates in response to dozens of lawsuits have determined that defective Chinese drywall is present in at least two percent of the 20,000 single-family houses developed in Florida between 2006 and 2007 by Miami-based homebuilder Lennar Corp.The number of defective residences may grow even...

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