Yahoo has an interesting story about Vulture Capitalism in regards to the South Florida real estate market:
"Some investors are waiting for the real estate excesses in Florida to start imploding on itself and they're building up "vulture capital" funds to start picking off property on the cheap."
"He believes a market downturn beginning next year will leave some speculators unable to close, buyers in bankruptcy or foreclosure and developers out of business. That's when the vulture capitalists will swoop."
"Some of the greatest fortunes were made in down markets," he said. "A down market sorts out the really savvy from the naive. The savvy will understand what opportunities are out there and the naive will suffer the consequences."
It's a good time to start piggy bank. I predict in 18-months, the vultures will swoop in for a killing. When they do, I'll break open the bank and have a nice down payment for that (affordable) waterfront condo.
Read more Miami real estate news.
Source: Yahoo News