The Daily Soak - October 29

"Yo, Prague In Da House...Or At Least Buying A Few."

The Sarasota Herald-Tribune reports on the growing number of opportunity funds and foreign buyers coming from non-traditional Florida real estate investor markets like Slovakia, Hungary and the Czech Republic. And Sarasota attorney Alan Tannenbaum says these new buyers are looking at Florida real estate as a long-term play: "They have a lot of capital and staying power and they are not looking to turn a profit next year. We'll have the channel open so the rest of them will see us as the portal to investment over here. Florida as it exists now will be bought by the world." The second half of the article focuses on vulture funds and opportunistic brokers like Condo Vultures Realty in Bal Harbour. Owner Peter Zalewski launced his firm in late 2006 and, he says, "We've been rocking and rolling ever since." Booyakasha!


"Care-free, Maintenance-free Condo Living" Yeah, whatever.

It probably sounded great in 2004 when you leafed through Del Boca Vista's Phase 3, 120-page glossy catalogue showcasing the wonders of living in the new Portales golf villas or the Ventanas mid-rise or the Puertas estate homes. (Which raises the question...Do you think developers in Spain really name their projects Doors and Windows?) But alas, the highly-amenitized dream has turned into a nightmare for Floridians like Harry Charles (pictured) and Tony Poindexter. Both men live in Brevard County condos where rising foreclosures are shifting a growing HOA and maintenance burden over to responsible, increasingly bitter residents. And don't hold your breath waiting for banks to chip in for future fees and special assessments, according to Bill White of the Community Association Institute. "What we're running into now is the banks are saying we're not going to pay anything."


WalletPop: "Consider Florida Now"

I came across this AOL Money & Finance blog, WalletPop, yesterday. The ugly news about the price of U.S. homes plunging a record 16.6% in August appears on the homepage, but this column by Jennie Fisher offers some creative advice and suggestions for those looking to profit amid the rising tide of the HousingBath. Targeting housing to the tastes and preference of GenY, building homes with first-floor bedrooms and investing in shopping center REITs are all high on Fisher's list. But it's the last recommendations that will spur the healthiest debate among desperate sellers, Florida realtors, circling vultures and market-timers: "Consider Florida Now." Read the column and draw your own conclusions. Happy Bathing.