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Condo Vultures® Realty LLC has named veteran real estate professional Frank Thomas to the lead the buyside company's national bulk sales strategy.
Thomas will be supported in the Condo Vultures® initiative by real estate broker and developer Russell Yellin, who will oversee Southeast Bulk and Special Assets sales, and veteran agent William Betancourt, who will head the company's Bulk Research and Analytics.
“We are pleased to publicly announce the new management structure of our bulk division,” said Peter Zalewski, the owner and qualifying broker of Bal Harbour, Fla.-based Condo Vultures® Realty. “Our four-year-old firm will continue to invest in people and systems to accommodate an exploding market in heavily discounted properties across the country. We are confident that these appointments coupled with our market intelligence will reinforce Condo Vultures® as the boutique real estate brokerage for bulk deals.”
Bulk buyers have completed 15 condo transactions for at least 10 units or more of new construction and/or entirely refurbished units in South Florida since July 2008. Bulk buyers have acquired more than 900 units with more than 1 million square feet of saleable space for more than $200 million, or an average of about $200 per square foot, according to the Condo Vultures® Bulk Deals Database™.
Condo Vultures® Realty successfully brokered the first arm's length bulk deal in South Florida in December 2008. The firm is actively working with more than 450 buying groups from around the world.
Thomas was appointed Director, National Bulk Sales. Thomas brings extensive experience in real estate sales and executive management.
Yellin was named Director, Southeast Bulk and Special Asset Sales. Yellin brings a varied background in project sales, management, and condo conversion development.
Betancourt's position of Director, Bulk Research and Analysis, will entail compiling the latest data on sales and capitalization rates. Betancourt’s academic credentials complement his track record in both individual and bulk condo sales.
Condo Vultures® Realty LLC works exclusively on the buyside with purchasers to identify, analyze, and acquire bulk product in Florida, Nevada, and California, at discounts directly from the sellers.
The firm’s Bulk Division buyers, which tend to be hedge funds and private equity funds from around the world, have a tremendous appetite for bulk product that includes blocks of units in new condominium towers, failed condominium conversion projects, uninhabited single-family home subdivisions, entitled and improved land, and raw dirt.
Working with bulk buyers since April 2007, Condo Vultures® Realty LLC has established a framework to quickly match ready, willing, and able purchasers with sellers who need to liquidate within a short period of time. Our network of bulk buyers is a primary reason that developers and lenders quietly approach our organization with product that needs to be liquidated quickly and discreetly.
Condo Vultures® Realty LLC is a licensed Florida real estate brokerage based in Bal Harbour, situated between Miami and Fort Lauderdale. Created in 2006, our brokerage represents buyers in the acquisition of residential properties at attractive prices.
Please contact Frank Thomas at 305-865-5629 for bulk product inquiries.
For media inquiries, please contact CondoVultures.com executive editor John Fakler at 800-750-0517.
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