(Crystal Proenza is associate editor of Real EstateFlorida.)
MIAMI-Condo.com, an online marketplace that lists over 600,000 condos, has formed a financial institution brokerage and marketing division in an effort to assist lenders with asset management and dispositions. The site will reach out to institutional owners and lenders through its new institutional services group led by James L. Fried, president of Miami-based Sandstone Realty Advisors.
Fried has been in the real estate business since the mid-1980s, and in the past has worked in South Florida as managing director for Aztec Group Inc. and senior VP for Grubb & Ellis of Florida Inc. During the last down cycle, Fried served as principal of Condovest/Realtrust Inc., where he gained experience with government and financial institutions that he will use in his new position, he tells GlobeSt.com.
"From 1991-93, Condovest bought, managed and brokered portfolios of condos from the RTC, FDIC and solvent financial institutions," said Richard Swerdlow, CEO of Condo.com, in a release. "Jim is well versed in all phases of the special situations that occur as a property begins to fail and is eventually taken over by the lender(s)."
Condo.com's new division will offer asset preservation, property marketing, advertising, customized reporting and overall market advice that pertains to specific properties. In addition to its home state of Florida, the company can currently broker sales in Georgia, South Carolina, Pennsylvania, New York, Texas, Arizona, Nevada and California, with more states pending.
"The main thing we bring is experience in times like these to the table," Fried says. "We have senior people on our staff that have decades of experience. Our goal is to provide services to the many financial institutions that we work with on a daily basis and that, quite frankly, need our help."
According to its website, Condo.com was formed to assist in the sale of condos, lofts and townhomes by developers, builders, brokers, financial institutions and others. The company lists more than 600,000 condos valued at over $150 billion.
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