Tax relief may work against real estate vultures [Florida]
For two years Magdiel Guillemi watched the condominium towers go up across South Florida and waited for his chance to buy in. Now the 25-year-old aluminum company executive thinks his time has arrived.
With the housing market stuck in slow motion, more and more condos nearing completion, and many jittery preconstruction buyers wanting out as closing day approaches, Guillemi’s betting he’ll be able to buy at steep discounts. Then he hopes to sell for a profit, just as flippers did when the market was on the way up a few years ago.
Call it the contrarian view of real estate investing. While the market appears stone-cold to many individual buyers and sellers, others — the so-called vulture investors — see opportunity.