Private real estate funds have a record $231B to spend — but few places to put it

From the New York website: Private real estate funds have more money to spend than ever before, but that’s not necessarily good news for the real estate market.
As of March, private real estate investment funds worldwide had $231 billion in aggregate dry powder – or capital commitments from fund investors ready to be spent – according to research firm Preqin. That’s the highest figure in history and a 10 percent increase since December (see chart below).
In one sense this is great for the real estate market. Most private real estate funds have fixed investment periods, meaning they are contractually required to spend their investors’ money by a fixed date (typically within five years). The more dry powder funds have, the more money is headed to the property market soon. And surveys show the U.S. market is still by far the most popular investment destination. Private funds will offer a much-needed boost as observers begin to worry about a market slowdown.

But there’s a more sober side note. Dry powder has grown in part because fund managers are having an increasingly difficult time finding profitable investments – not just because they are raising huge sums from investors. “Whilst there has been strong investment activity for these firms it is difficult to find opportunities at the moment,” said Andrew Moylan, senior research analyst at Preqin. “It’s is a very competitive market.”
If the past eight years are any indication, private funds spend their investors’ money more quickly in boom times and take longer to find assets in downturns. That’s why fund managers sat on large piles of dry powder in 2009 and 2010 even though they were raising little new money from investors (see chart atop the article).
Over the past year, fundraising totals fell while dry powder continued to grow; fund managers are taking longer on average to spend their investors’ money. The growing gap between dry powder and new funds raised hardly signals a crisis or even a downturn, but it could be another sign of a market slowdown.
“I’d say that there’s been a slowdown in transaction activity generally in the market,” said one senior executive at a real estate fund manager, pointing to recent uncertainty over global stock and oil markets and tighter lending. The executive added that he now sees more opportunities in value-add assets as other investors, spooked by global market turmoil, retreat from risk.
Others are less bullish. In a year-end Preqin survey, 56 percent of fund managers polled said they see finding attractive investment opportunities as their biggest challenge – far head of raising funds (27 percent). More than two-thirds of respondents — 67 percent — said finding investments is more difficult than a year earlier.
Haves and Have-Nots
As dry powder grows across the industry, it also becomes concentrated in fewer hands. “We’ve had three strong years of fundraising, but the number of funds closing each year is actually falling,” said Moylan.
Between the end of 2014 and the end of 2015, dry powder across the private real estate fund industry grew by $14 billion. Blackstone Group, the world’s largest private real estate fund manager, accounted for $9.4 billion of that increase. Blackstone raised a staggering $26 billion from investors for its real estate funds in 2015, which pushed up its dry powder from $14.1 billion to $23.5 billion over the course of the year (see chart below).

Apollo Global Management, another leading fund manager, saw its real estate dry powder shrink slightly in 2015 to $984 million (from $997 million in 2014), according to a filing with the Securities and Exchange Commission. Apollo declined to comment for this article, as did Blackstone and the Carlyle Group.
The accumulation of dry powder in large funds can be good news for smaller and mid-sized fund managers, argued Bob Faith, CEO of Greystar, a Charleston-based fund manager that is currently raising a $1 billion real estate fund. “You know, I’d say we haven’t really noticed a dramatic increase in competition except as to where it relates to large deals,” he said. “A lot of people are aggressively pursuing large transactions. We have been selling into that.”
In December, Greystar sold a 32-building multifamily portfolio for $2 billion. The buyer: Blackstone.

Source: The Real Deal Miami

Neighborhood dive: Bay Harbor Islands surges with redevelopment

Bay Harbor Islands
A small enclave tucked between Surfside and Bal Harbor on the east and North Miami on the west, Bay Harbour Islands was once home to the largest concentration of mid-century Miami Modern (MiMo) style architecture in the country.
Many of the low-slung condo and apartment buildings in Bay Harbor’s East Island (where only multi-family and commercial structures are allowed) have some of Miami’s most renowned architects behind them. In fact, one could argue Morris Lapidus, Henry Hohauser and Charles McKirahan were the first true starchitects in the Magic City, transforming Miami’s architectural Art Deco style in the 1930s into the MiMo designs that emerged in the middle of the 20th Century.
McKirahan was the mastermind who designed the Bay Harbor Continental, a wedge-shaped co-op building anchored by a pylon-like staircase built in 1948. McKirahan’s masterpiece featured multi-story brise-soleils accented with blocks of multi-colored glass. He also designed the Bay Harbor Club, a blue two-story waterfront building with V-shaped beanpole columns that run from the ceiling to the ground that was the home of the lead character in the cable TV series Dexter.
Signs of Change
Once the National Trust for Historic Preservation named East Island to its annual list of the “11 Most Endangered Historic Places” in America in 2014, it signaled the beginning of a significant redevelopment push in Bay Harbor. Today dozens of MiMo style buildings have met or are destined for the wrecking ball as existing condo owners seek to cash out by voting as a bloc to sell their buildings to developers, introducing a new luxury concept to wealthy buyers: boutique living.
“Bay Harbor Islands is super cozy hidden gem,” said Claudio Stivelman, CEO of S2 Development. “It is very well located. It is small. And it has all the goodies such as waterfront views, an excellent school, being close to the beach and being close to Bal Harbour Shops.”
The coziness gives Bay Harbor a real sense of community, Stivelman said. That’s why S2 Development was one of the first builders to enter the Bay Harbor submarket.
The company is developing O Residences, a 41-unit building that is offering 1,060- to 1,450-square-foot condos for $700,000 to $1.2 million. Demolition of the old building at 9821 East Bay Harbor Drive began in January. According to Stivelman, S2 has already signed contracts or collected deposits for 36 units.
“Bay Harbor is a very nice place where it is feasible to do a small cozy building,” Stivelman said. “For buyers who cannot pay $3 million to $4 million in South Beach, they can find a quality luxury condo for $1 million or less in Bay Harbor.”
Developers have pretty much gobbled up all the waterfront land in East Island and are now looking at dry lots and buildings, said Eduardo Pruna, sales director for Bijou Bay Harbor, a seven-story luxury condo with 41 units ranging from 900 square feet to 2,000 square feet, with prices starting at about $530 per square foot. “When we bought the land for Bijou a year-and-a-half ago, we paid $9 million,” Pruna said. “There are about 12 to 13 dry lots and buildings that are being traded right now.”
A free shuttle service runs from Monday through Friday, beginning at 9 a.m. and ending at 5 p.m. The route includes stops in Surfside and North Miami. Miami-Dade County also provides public bus routes within close proximity of Bay Harbor Islands. The Broad Causeway is the only one main road in Bay Harbor Islands, connecting commuters to Collins Avenue on the east and Biscayne Boulevard on the west.
Most expensive residential sale
9800 West Broadview Drive, a 6,904-square-foot home with five bedrooms and six-and-a-half bathrooms sold for $5.5 million in December 2015
Residential broker’s take
“Bay Harbor Islands is an extremely well-located neighborhood that offers an amazing lifestyle. It;s a place that lets you escape the hustle and bustle of Miami and Miami Beach,” Ivan Ramirez, president of Crescendo Real Estate
Demographic changes from 2000 to 2015
Population: 6,007 up 6.7% from 2010 and up 9.3% from 2000
Median age: 44
Median income: $129,965
Average household net worth: $563,168
Price trends
Median sales price per square foot: $308, 43 percent higher compared to the rest of Miami-Dade County
Increase in average rent over the last year: 20% to $3,245  
Most expensive home on the market
9410 West Broadview Drive, a 9,251-square-foot waterfront home with five bedrooms, six full bathrooms, and three half-bathrooms for $13.7 million
Least expensive home on the market
Unit 70D, 10070 East Bay Harbor Drive, 790-square-foot unit with two bedrooms and one bathroom for $154,000
New development
Bay Harbor Islands is in the midst of massive redevelopment, with at least 26 projects in the planning or construction stages. Among them, in late December, Congress BHN LLC, a company tied to the Boston-based development firm the Congress Group, paid a combined $5.52 million for the 12 units at Harbor View in Bay Harbor Islands. Congress — which has acquired, developed, repositioned or managed more than 7 million square feet of real estate valued at more than $1.5 billion, according to its website —  plans to develop the site into a luxury condo building.
In February, South American firm Allure Development Group, purchased two development lots at 1055 92nd Street and 1047 92nd Street for  $4.4 million. Allure is planning to do a building with up to 30 condo units in a seven-story structure. The developers have hired Frankel Benayoun Architects, which had designed a previously approved project on the two sites, to design the new project.
Last week, townhouse project Palm Villas at 9870-9880 East Bay Harbor Drive launched sales and expects to break ground in May. LDG is co-developing Palm Villas in conjunction with Team 18, the lead developers of Kai, another project in Bay Harbor Islands. The townhouses will range from 2,300 square feet to 3,000 square feet, with prices from $990,000 to $1.3 million, or an average of $450 per square foot. LDG is also developing Bay Harbor One, an eight-story, 36-unit development that is more than 40 percent under contract, and that will also break ground in May.
Other projects underway include the seven-story, 15-residence Pearl House and the seven-story, 30-unit Le Jardin, both under development by Verzasca Group.
With so many new projects on the table, Crescendo’s Ramirez convinced many of the new developers in Bay Harbor to form the Island Living Council. The council will allow builders to pool their advertising and marketing efforts, Ramirez told The Real Deal. “The broker community doesn’t know about Bay Harbor Islands because it’s all small boutique projects,” Ramirez said. “They don’t get the exposure that big projects get. The only way to really market Bay Harbor was to join forces. We can now drive buyer traffic together.”

Source: The Real Deal Miami

Bridge Development inks $16M loan for Hialeah Gardens project

Rendering of Bridge Point Crossroads South
Bridge Development Partners just signed off on a $15.75 million construction loan for its upcoming spec industrial project in Hialeah Gardens.
The loan, issued by JPMorgan Chase Bank, covers just under 20 acres of development land at 10701 Northwest 140th Street, county records show.
Bridge, an industrial development firm headquartered in Chicago, now plans to build Bridge Point Crossroads South, a 255,846-square-foot facility on the site with an expected completion date set in the fourth quarter of 2016.
Overhead rendering of the three project pieces
Wayne Ramoski and Gian Rodriguez are handling leasing for the project, according to a LoopNet listing for the property. Rental rates are $8.75 per square foot annually, and the minimum size a tenant can occupy is 24,840 square feet.
This will be the third of Bridge’s projects to break ground in Hialeah Gardens in recent years. Bridge Point Crossroads East and West, the development’s two other phases, are also expected to open this year. They measure and 243,296 square feet and 420,989 square feet, respectively.
Check out a time-lapse construction video for the West portion of the project below:

Source: The Real Deal Miami

7 Ways to Get Glowing Skin This Spring

Get fresh-faced for the spring season by indulging in any one of these ultra-luxurious treatments—your skin will thank you.
The Spa at Mandarin Oriental, Miami: Illuminating Oxygen Facia…
Source: Ocean Drive

New York investors secure historic designation for 1700 Alton

1700 Alton Road in Miami Beach
The New York investors who purchased a 94-year-old Mediterranean revival building at 1700 Alton Road for $21 million ten months ago plan to restore the mixed-use property to its original state.
At the monthly meeting of the Miami Beach Historic Preservation Board, AC 1700 Alton Owner – an LLC controlled by Adam Verner of Springhouse Partners and Chaim Cahane of Forte Capital Management – cleared the most important hurdle by securing a historic designation for the five-story structure, which was completed in 1922.
Deborah Tackett, design and preservation manager, told board members the historic designation would allow AC 1700 to begin renovations that would eliminate modifications made to the building in the 1950s. The board granted the historic designation based on several conditions, including restoring the interior of the apartment side lobby and the ground floor retail space as close as possible to its original design and the installation of awnings on upper floor windows on the east and south sides of the building.
According to a January Miami Beach Planning Department report, the 1922 building is an “an excellent example of the City’s 1920s Boom period architecture” and that it “retains much of its architectural integrity, despite several alterations that have been made over time.”
Located one street north of Lincoln Road with access to the Venetian Causeway via 17th Street, the 35,530-square-foot building was designed by local architect Martin Luther Hampton. In addition to 70 studio-sized apartments with an existing hotel license, the property has 25 parking spaces, a 5,000-square-foot courtyard, and 8,165 square feet of ground floor retail, anchored by Vespa.
At the time of its construction, the building was the second tallest in Miami Beach and opened as the Mayflower Hotel. The 15,000-square-foot site last sold for $1 million in 1991, according to Miami-Dade property records.

Source: The Real Deal Miami

Entire retail block in Wynwood trades for $35M

2301 Northwest Second Avenue
New York-based JSRE Acquisitions just paid $35 million for an entire retail block along Northwest Second Avenue in Miami’s red hot Wynwood, The Real Deal has learned.
The purchase includes three buildings at 2301 Northwest Second Avenue, 2315 Northwest Second Avenue and 198 Northwest 24th Street, sources told TRD.
The property totals 21,358 square feet of retail space on 22,597 square feet of lots, according to Miami-Dade property records. The buildings were built in 1946, 1947 and 1957. Tenants include Shinola and Etra Fine Art.
The seller is the entity 170 NE 40 St Inc., which is tied to Steve Rhodes, records show.
Metro 1 represented the seller, sources said. But the firm signed a non-disclosure agreement and declined to comment.
The property is not JSRE’s first purchase in South Florida. In May 2014, JSRE bought 716-720 Lincoln Road in Miami Beach for $34.5 million.
Wynwood has also attracted other New York buyers in recent months. In January, East End Capital and Yellow Side Ventures paid $11 million for the entire block on the west side of North Miami Avenue, between 24th Street and 25th Street. The purchase included a separate parcel across the street.
The city of Miami recently approved new zoning in Wynwood. In October, a slate of changes to zoning and land use designations allowing for denser residential developments on roughly 205 acres in Wynwood went into effect.

Source: The Real Deal Miami

The Wrap: Arquitectonica’s first Miami building faces demolition, shopping-center REITs are on many investors’ lists…and more

The Babylon Apartments in Miami
1. Miami’s Babylon Apartments, first Arquitectonica building, faces demolition [Miami Herald]
2. Shopping-center REITs are on many investors’ lists [Wall Street Journal]
3. Davie apartment complex scheduled to open in spring 2017 [Sun Sentinel]
4. Modern Mediterranean Waterfront Mansion in Boca Raton for $13M [Curbed]
— Sean Stewart-Muniz

Source: The Real Deal Miami

MLS manipulation now carries a $5K fine: Miami Association of Realtors

The Miami Association of Realtors has just revised its penalties, aimed at reducing manipulations of the Multiple Listing Service. 
Now, for every manipulation of MLS content, the association’s more than 41,000 members will be required to pay $5,000 per violation, according to an email obtained by The Real Deal that was sent out to all members on Monday.
The new penalties come nearly a year after Miami Beach Realtor Kevin Tomlinson filed a complaint with the Miami Association of Realtors against Coldwell Banker’s Jill Hertzberg and Jill Eber of The Jills, claiming they altered MLS data to hide homes that had been on the market for long periods of time. Tomlinson was arrested for allegedly trying to extort Hertzberg and Eber in August. 
Later that month, Tomlinson cited 353 alleged MLS manipulations, including 30 changes to active listings in 2014. The Jills spokesperson, however, previously told The Real Deal the MLS changes were unintentional, and only concerned expired listings.
A manipulation of the Multiple Listings Service includes but is not limited to property type, county, MLS area, folio number, five-digit zip codes, and the manipulation of property history and/or days-on-market information, according to the Miami Association of Realtors’ email.
“This is a response to different things going on in the marketplace, things brought to our attention by [anonymous] sources that our electronic error system was not detecting,” Deborah Boza-Valledor, COO and chief marketing officer of the Miami Association of Realtors, told TRD.
Now, she said the error system has been tweaked so that it detects if certain fields of data have been manipulated.
Tomlinson spoke about the changes on his Facebook page, calling it a “systemic problem with probably every MLS in the country.”
Boza-Valledor declined to comment on the Jills, but agreed that MLS manipulations are affecting other associations across the country. The Miami organization is the largest local association of Realtors in the United States. “I’m sure we’re not that unique,” she said.
Boza-Valledor said “data integrity” regarding MLS manipulations now has its own section among rules. A fine of $5,000 replaces an escalating fine that started at $1,000. According to the association’s newly released “How to Avoid an MLS Fine” document, fines break down to the following sections:

Unauthorized access – Misuse of MLS information: $5,000 fine plus MLS hearing panel
Data integrity regarding the manipulation of MLS content: $5,000 fine plus MLS hearing panel
Loading listings and reporting changes by deadline: first violation is $500 or no fine if corrected within two days, second violation is $750, and third violation is $1,5000 plus MLS hearing panel
Data integrity: first violation is $500 or no fine if corrected within two days, second violation is $750, and third violation is $1,5000 plus MLS hearing panel

Source: The Real Deal Miami

Fund managers double down on online real estate investing — but are they crowding out the little guy?

“Minions” (credit: Universal Pictures)
From the New York website: When real estate crowdfunding startups first emerged in 2011, their function was simple: match developers looking for equity with hundreds of small-time investors, directly online.
Since those early days, the industry has become considerably more diverse. Crowdfunding platforms branched out from equity investments to offer mezzanine and senior debt buys. Many now pool funds from unaccredited small-time investors with institutional money. One platform even launched a mortgage REIT. The latest step in the crowdsourcing evolution? The emergence of investment funds specializing in real estate crowdfunding platforms.
Insiders claim these funds make crowdfunding more attractive to investors and will help fuel growth in the industry. But like many innovations in the field, they also raise questions over the viability of the traditional crowdfunding model.
“The idea was: This is going to be a very fragmented space and that was creating challenges. Could we solve those challenges?” Ray Sturm, founder of AlphaFlow, told The Real Deal. In February, AlphaFlow launched what insiders believe is the country’s first investment fund focusing exclusively on real estate crowdfunding. Investors can buy a stake in the AlphaFlow fund, which will then invest that money in real estate projects through a number of crowdfunding platforms in return for a fee.
Sturm said he got the idea for the fund during his time at RealtyShares, a real estate crowdfunding startup he co-founded in 2013 and left at the end of 2015. Some users, he said, were happy to pick their own projects to invest in online – the basic premise of crowdfunding. But others would rather have some of their investments chosen for them.
“They still enjoyed picking equity deals one by one but when it came to debt they were happy to hand it off to the platform,” Sturm said.
AlphaFlow’s first fund has raised $5 million to date, according to Sturm, and plans to invest in a handful of crowdfunding platforms that issue senior real estate debt, including PeerStreet, Patch of Land and LendingHome. Sturm said the fund charges a 1 percent asset management fee and plans to charge carried interest (i.e. a share of profits) in the future, pending SEC approval. Separately from its fund, the firm also offers an online aggregator where users can track their investments across multiple crowdfunding platforms.
Funds specializing in crowdfunding more broadly have existed for years. In 2014, London-based P2P Global Investments became the first crowdfunding investment trust to list on a major stock exchange. That same year, Texas-based fund manager Ranger Capital Group began investing in peer-to-peer loans (the term for crowdfunded debt). Today, Ranger runs two peer-to-peer funds with a combined $250 million under management.
Initially, Ranger focused on peer-to-peer consumer loans. But today real estate makes up 30 percent of the firm’s crowdfunding investment, said Bill Kassul, a partner Ranger. “We actually anticipated real estate being a much smaller part of the portfolio,” Kassul said. “We like the space and we love the short terms on it.”
Ranger’s funds focus on short-term bridge financing with target yields between 10 and 12 percent. Last May, it agreed to invest $30 million through New York-based Sharestates – a target it has since surpassed. Sharestates’ co-founder Allen Shayanfekr called the agreement a milestone for the startup. “It brings more validity, more traction to the platform,” he said. The firm has raised close to $100 million for its investments since then – the vast majority from institutions like Ranger.
Crowdfunding entrepreneurs interviewed by TRD all believe that funds like AlphaFlow will soon take up a much more dominant role in crowdfunding. This could be a blessing for the industry: Combined with cash from hedge funds and other institutions, these funds allow crowdfunding startups to grow more rapidly than they would if they were to rely solely on small-time investors.
“It helps us scale significantly,” said Jason Fritton, co-founder and CEO of crowdfunding platform Patch of Land. Crowdfunding platforms often face the dilemma that borrowers tend to need funds quickly, but raising money from hundreds of small-time investors often takes time and comes with uncertainty. Investments from institutions are often far more predictable, Fritton argued, making it easier to quickly commit funds and win business, all with increased cash in hand.
“I do think it’s attractive for us because it expands our investor base, and that’s something we’re always looking to do,” said Marious Sjulsen, president of crowdfunding startup EquityMultiple.
But the growing influence of funds also raises questions over the viability of the traditional real estate crowdfunding model. Critics have long cautioned that real estate is too complicated and diverse for lay investors to make informed decisions online.
If crowdfunding is really so safe and simple that all you need to do is go online, look at a few charts and numbers, invest your money and wait for the returns to come in, then why would you even need an expensive fund manager to vet these projects and invest your money for you?
Fritton countered that the rise of funds doesn’t necessarily challenge the traditional model. Some savers who lack the time to vet individual offerings now have a way to still invest in crowdfunding, the general argument goes, he said. And those who prefer to pick their own real estate projects online may take comfort in the fact that professionally managed funds invest through the same platform. Both factors could make crowdfunding startups more attractive to investors and broaden their customer base, he said.
“We are starting to see a significant push not just from smaller funds, but also some of the larger institutional funds that specialize in the peer-to-peer environment pushing on the real estate side,” Fritton said.

Source: The Real Deal Miami

Sixth new Fort Lauderdale condo project completed this cycle

Rendering of Vela Vista
A developer has completed the sixth new condo building in the booming Downtown Fort Lauderdale and Beach market since this South Florida real estate cycle began in 2011.
Transactions began to be recorded on Feb. 29 in the newly completed four-story Vela Vista condo project with nine units and nine boat slips located in the 1500 block of Southeast 12th Street in Fort Lauderdale’s Rio Vista neighborhood, situated between the mainland and barrier island, according to Broward County records.
To date, buyers have taken title to seven new condo units in the project developed by a Fort Lauderdale-based corporation called Commodore Club Condominium LLC, led by member Charles Medrano, for a combined $6.7 million, or an average transaction price of about $465 per square foot as of Tuesday, according to government records.
Individual unit sales in the Vela Vista project have transacted at prices ranging from less than $790,000 to nearly $1.4 million as of Tuesday. On a price-per-square-foot basis, the developer sales have ranged from less than $420 to as much as $536, according to government records.
Currently, three condos  — one developer unit and two resales units — in the Vela Vista project are available for purchase at an average asking price of nearly $1.4 million, or $555 per square foot, on the Multiple Listing Service database as of Tuesday, according to data from the Southeast Florida MLXchange.
The Vela Vista is the sixth new condo building — along with the 12-unit Adagio On The Bay, the eight-unit Cymbrinas Cay, the 10-unit Palms On Venice and the two-building AquaVita Las Olas project with 22 units — to be completed in the Downtown Fort Lauderdale and Beach market, where developers have announced 50 new condo buildings with more than 3,250 units since this current real estate cycle began more than five years ago, according to the preconstruction condo projects website (For disclosure, my firm operates the website.)
Developers are currently constructing 17 new condo buildings with more than 600 units in the Downtown Fort Lauderdale and Beach area. An additional 27 new condo buildings with nearly 2,600 units are currently in the planning or presale phase of development in the Fort Lauderdale market, according to the data.
Based on the new units announced, the Downtown Fort Lauderdale and Beach area is the third most active area east of I-95 in the tri-county South Florida region of Miami-Dade, Broward and Palm Beach as of Tuesday, according to
Overall in South Florida, developers have now completed 58 new condo buildings — including the Vela Vista project — with more than 4,315 units located east of I-95. The new South Florida condos completed to date represent about 8.6 percent of the more than 50,050 units announced for the tricounty region during this cycle.
At least 132 new condo buildings with nearly 13,725 units — more than 27 percent of the overall South Florida total — are currently under construction.  
An additional 227 new condo buildings with more than 32,000 units — about 64 percent of the overall total announced for this cycle — are currently in the planning or presale phase of development in South Florida, according to the data.
As South Florida moves into the later stages of the current winter buying season, the Downtown Fort Lauderdale and Beach market has more than 800 condo units available for purchase at an average asking price of nearly $410 per square foot as of Tuesday, according to the Southeast Florida MLXchange.
In 2015, buyers acquired nearly 1,200 condo units in the Downtown Fort Lauderdale and Beach market at an average price of $295 per square foot, according to the data.
Based on the 2015 transaction pace of nearly 100 units monthly, the Downtown Fort Lauderdale and Beach market currently has about an eight-month supply of resale condos available for purchase, according to the data.
A balanced market is considered to have about a six months of unit supply available for purchase. More months of condo supply suggests a buyer’s advantage, and less months of units indicates a seller’s market.
The unanswered question going forward is whether prospective flippers will be successful in their efforts to resell their newly acquired condos at a time when a number of developers units are available for purchase in the Downtown Fort Lauderdale and Beach market.   
Peter Zalewski is a real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.

Source: The Real Deal Miami