Wall Street Manna

An irreverent look at Wall Street

Sunday, September 21, 2008

Miami kicks the Pats 38-13.

It's not the only action in Miami. Vulture funds are circling Miami real estate. 32 offers were made last week. But bids and offers are still far apart.

As many as 100 investment funds are shopping for South Florida real estate, hoping to buy extremely low during the current crisis. Their main target: condominium towers where developers and their lenders can't sell enough units to pay off the loans used to build them...

Real-estate analyst Michael Cannon sees the fund industry overstating the crisis facing developers and their lenders. So far, he is seeing enough condo buyers closing on their units to let most developers pay off their construction loans as well as some of the secondary loans needed to build the projects

'Two very large hedge funds called me yesterday. Literally, they're flying into Miami,'' said Gregory Rumpel, a hotel broker at Jones Lang LaSalle, the day after Lehman Brothers filed for bankruptcy. 'These guys are saying, `Well, that's probably the shock to the market -- with Lehman and all the other jitters out there -- we need to see some stuff released.' ''
http://www.miamiherald.com/business/story/695109.html

Here's a few of the "vulture" funds.
http://www.miamiherald.com/news/more-info/story/695093.html

Call them, they are trying to cut some deals!

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