Search
 

Bulk Condo Buyer Encounters Hurdles

MIAMI-An investor who takes 56 units in a distressed high-rise finds discounts aren't enough.

By Paola Iuspa-Abbott | Updated on July 20, 2009

(This story, in slightly different form, originally appeared in Incisive Media’s Daily Business Review.)

MIAMI-Five months after Ed Pascoe purchased 56 condos in a distressed high-rise in Miami’s Little Havana neighborhood, he’s starting to market the properties, but is finding plenty of challenges ahead. He knew it wouldn’t be a quick turnaround and planned to hold the properties for two years before flipping them.

But his plan may not play out as he hopes. Experts say even with steep discounts, Pascoe may find himself with a serious challenge finding buyers for the units.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.