Miami Condo Market Ripe for the Picking?

A new phenomenon is being observed in Miami real estate – vultures. Miami real estate entrepreneurs are supposedly hoarding capital in anticipation of a downtown in the hot speculator-driven Miami condo market.

From a Reuters article by Jim Loney:

Jack McCabe, chief executive of McCabe Research and Consulting of Deerfield Beach, Florida, said he has formed an "opportunity fund" that is nearly "eight figures" to take advantage of a swoon he sees coming next year as a result of a bulge in the south Florida condo pipeline.



"We're seeing people taking equity loans, people emptying their savings accounts. The really giddy are maxing out their credit cards to get in on this gold rush," he said. "We think a lot of people are not going to be able to close."