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Investors May Find Deals in Bulk Sales

Sales and marketing firm Adache Real Estate has formed a division focused on mass sales of discounted condo units.

By Sule Aygoren Carranza | Updated on December 01, 2008

FT. LAUDERDALE, FL-Like many firms these days, Adache Real Estate has decided to capitalize on the current downswing in the residential market, creating a bulk sales division to focus on opportunistic plays. The locally based sales and marketing firm’s new division will help to identify opportunities and help investors seeking deeply discounted bulk purchases ranging of five to 500 units throughout the tri-county area–Broward, Miami Beach and Miami-Dade counties.

The venture was a response to market conditions and a natural progression of the firm’s business, relates the company’s president, Adam Adache. Over the past year, various buying groups have approached the company with interest in bulk sales, given its experience in the sector. “In the past, we’ve worked with a number of different developers in the South Florida area,” says Adache. “Part of our company handled pre-construction sales, and when the market was hot, we had over 400 projects on our website. We were in close contact with many of the developers down here, and sold a lot of units for them. Now the market has changed significantly, and we still have 200 projects on our website. We know about all the projects, and we know everyone’s in trouble. So with these groups asking about these kinds of deals, we kind of stumbled into it.”

Because handling bulk sales is time-consuming and complicated, Adache decided to create a dedicated division as the firm’s work in that arena grew. The buyers range from small groups of wealthy individuals looking for five to 10 units, to large players such as institutions seeking 30 to 100 units–as well as a number of foreign investors. “It’s a vulture market, and now is a great opportunity for people with money,” says Adache.

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