Florida Bottom Feeder Stumbles in Condo Deal

Not all bottom feeders are successful, at least not in the downtrodden Miami market. Case in point: A bulk buyer who was unable to resell 42 of the 56 units purchased at deep discount in the Altos de Miami condominium in Miami's Little Havana neighborhood is taking the unusual step of selling 37 of the apartments at auction. The asking price is $58 a square foot, or $11 a foot less than what the investor paid 15 months ago, according to Condo Ventures, a Bal Harbour-based consultant firm. "This is a first for the South Florida bulk market since this latest condo crash," said consultant Peter Zalewski. At the same time, however, the bulk buyer of the failed 60-unit Vista Del Rio just west of downtown has sold the eight-story property to a Panamanian group at a 27% premium. The trade represents the 18th sale of a property from one investor to another at a higher price. Despite the floundering Little Havana investment, Zalewski sees the Vista Del Rio transaction as a sign the market for new condominiums is beginning to stabilize, at least in Miami-Dade County.