After 5 long years of a bullish seller’s market, and a year of giant pause a framiliar creature is emerging from it’s hiding place and beginning to circle once again . . . . . .
The Vultures are Back!
Yes, with real estate sales lagging after a Bullish 6 year run, the market is starting to turn to liquidators, especially in the mid to high end markets where large groups of investors bought pre-construction in speculative fashion. These self named “Condo Vultures” are hitting the real estate news headlines with a greater frequency as new buildings are finally hitting the market.
From what I have seen, absorption rates are far better than expected in some regards, however, this refers to overall occupancy – rentals and owner occupants- and in the latter, lies the market difficulties. While there are persons who bought into the high rise new construction condominiums, at present they make up an overall minority of buyers to date.