(Crystal Proenza is associate editor of Real EstateFlorida.)

MIAMI-With the residential market in dire condition and real estate everywhere getting hit by the slumping economy, investors are joining together to form funds to buy up undervalued property.

Investors are anxious to buy, industry professionals say, but are continuing to wait on the sidelines. Whether or not these funds will have a positive effect on the current downturn is yet to be seen.

"Opportunity funds are being created all over the world right now for Florida real estate," especially looking to buy into the residential market, confirms Craig Studnicky of Aventura-based International Sales Group LLC, which announced in March a partnership with Dallas-based Garfield Traub Development to form a fund called International Realty Services LLC. Despite all the hype of funds forming to take advantage of residential distressed real estate, he says he hasn't heard of anyone successfully completing bulk sales through opportunity funds.