In the wake of rising condo project foreclosures, such as Miami’s Icon complex, lenders are being faced with a tough decision: Sell the units in bulk to vulture investors (for a steep discount) or bear the risk of selling the units individually? Is it better to have less money today or more money (potentially) tomorrow? Coming up with an answer partially rests on one’s perception of that local market’s ability to rebound going forward. Is Miami, for example, at the bottom?
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