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Expert Panel To Provide Assessment Of Bulk Deal Market
Jay Massirman, Mark Pordes and Calum Weaver have agreed to participate in the upcoming Condo Vultures® Dec. 14 panel discussion on condo bulk deals in Florida
A third panelist has agreed to participate in the upcoming Condo Vultures® seminar panel discussion, "Condo Conversions - The Next Wave For Bulk Buyers" to be held Dec. 14 at the Miami Marriott Biscayne Bay Hotel in Greater Downtown Miami.
Jay Massirman, principal of Rivergate Residential, a Miami-based real estate investment firm focused on acquiring distressed condo and apartment complexes in Florida has confirmed his participation in the panel discussion that will explore the future of condo bulk deals in Florida in 2011 and beyond.
Massirman, the former senior managing director in the Related Group’s acquisition division and former Vice Chairman at CB Richard Ellis, is expected to discuss the current and future climate for distressed real estate acquisitions in South Florida and elsewhere within the state.
Massirman joins fellow panelists Calum Weaver, a director of operations in CBRE's Private Client Group in Miami and Aventura real estate broker Mark Pordes of Pordes Residential, who recently brokered the $160 million note purchase of the remaining units in the Trump Hollywood oceanfront condominium project in Southeast Broward County and a second deal for nearly $227 million at 2700 North Ocean Drive in Palm Beach County's Singer Island, according to the South Florida Business Journal.
Weaver, who has participated in the brokerage of the sale of more than 1,500 units during the South Florida real estate crash, is expected to discuss the changing expectations of sellers and buyers in a market with intensifying competition.
More than 70 bulk deals for new or completely renovated condominiums have occurred in the tricounty South Florida region since July 2008 for more than 7,700 units and nine million square feet . The combined purchase price is more than $2 billion, according to the Condo Vultures® Bulk Deals Database™.
In the fourth quarter of 2010 alone, bulk buyers have already acquired more than 1,200 units at a purchase price of $350 million.
Some industry watchers expect the condo bulk buying in South Florida to shift away from the coast and into the suburban areas of Miami-Dade, Broward, and Palm Beach counties where nearly 100,000 apartment units were converted into condominiums between 2003 and 2010, according to a recent CondoVultures.com report.
By comparison, developers constructed about 85,000 new condominium units in the tricounty region during the boom years in South Florida, according to Florida records.
Frank Thomas, the Condo Vultures® Realty National Bulk Sales Director, will moderate the panel discussion that is to include Condo Vultures® founder Peter Zalewski.
Condo Vultures® has identified nearly 160 South Florida projects with nearly 9,300 units that were converted since 2007 in the tricounty area.
The panel discussion starts at 6.30 pm and will feature a questions-and-
For more information on the panel discussion that is being held at the Miami Marriott Biscayne Bay on South Bayshore Drive in Downtown Miami, please contact CondoVultures.com executive editor John Fakler at 800-750-0517.
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Condo Vultures® LLC is a Bal Harbour, Fla.-based consultancy and publishing company focused on collecting, analyzing, and communicating intelligence on the South Florida real estate market.