Report: Regulators Shut 10th Bank This Year, Miami Condo Converter Linked To Seizure

Loans to a Miami area real estate developer appear to have contributed to regulators seizing the 10th U.S. bank of the year, according to the Miami Herald.

Integrity Bank, a $1.1 billion in assets institution based in the suburban Atlanta city of Alpharetta, was shut Friday afternoon, Aug. 29, by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corp was promptly named the receiver of the failed institution.

The failure is estimated to cost between $250 million and $350 million, according to the FDIC, which insures depositors up to $100,000 per account.

Guy Mitchell, a Coral Gables real estate investor who bought the oceanfront Royal Palm Hotel in the South Beach neighborhood of Miami Beach for $128 million in 2004, was a client of Integrity Bank, according to the Miami Herald article.

Mitchell made headlines in 2004 when he and condo-hotel converter Robert Falor tried with some success to convert the convention center hotel into a condominium-hotel at the peak of the market, but “has since fallen behind on loan payments amid a failed condo conversion,” according to the Miami Herald article.

“The owner of the troubled Royal Palm hotel in South Beach may be a central player in a Georgia bank's failure,” according to the Miami Herald article.

The Miami Herald adds, “In regulatory filings, Integrity acknowledged making 14 loans worth $83 million to companies owned by the same guarantor -- an amount roughly equal to the cash the bank reported having on hand last year.”

Integrity Bank is the sixth institution to be shut since July 11, and the second bank in a week to fail. On August 22, regulators seized Columbian Bank and Trust Co., a $752 million in assets institution based in Topeka, Kansas.

Regulators, who show no sign of slowing down in their mandate to shore up the financial industry in the midst of the U.S. real estate meltdown, seized Integrity Bank with precision and planning.

When the six former Integrity Bank locations reopen on Tuesday after the Labor Day holiday, customers will learn that their deposits - about $974 million - have been assumed by Regions Bank, a $139.4 billion institution based in Birmingham, Ala.

Regions Bank has 1,936 branches in 16 states, including 153 locations in Georgia.

“All depositors of Integrity Bank, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Regions Bank for the full amount of their deposits, and they will continue to have uninterrupted access to their deposits,” according to an FDIC statement. “Depositors will continue to be insured with Regions Bank so there is no need for customers to change their banking relationship to retain their deposit insurance.”

As part of the deal with regulators, Regions Bank has agreed to purchase more than $34 million worth of assets from the failed Integrity Bank. The remaining assets will be retained by the FDIC until they can be liquidated.

This is the first Georgia bank to fail since NetBank, also based in Alpharetta, was shut by regulators in September 2007.

For the year, California and Missouri lead the nation in failed institutions with two banks each. Florida, Nevada, Arkansas, Minnesota, Kansas, and of course Georgia, have each had one institution shuttered this year.

A host of other banks are being closely monitored by industry watchers who anticipate further failures this year, especially in Sun Belt states where the housing crisis has hit hardest.

Before the seizure of Kansas-based Columbian Bank, regulators were busy in Florida.

First Priority Bank of Bradenton, a six branch institution with $261 million in assets located on the state’s west coast, was shutdown on, Aug. 1, marking the first Florida institution to be closed by regulators in more than four years.

To see a Florida bank fail wasn’t a shock to many. Investors are closely watching the banking industry in Florida given the state’s rapidly deteriorating real estate market, which was a key lending focus for most institutions.

Deteriorating real estate markets on the West Coast of the United States prompted federal regulators to seize three banks in three states in the month of July.

Federal regulators shut down on July 25 two banks in three states with combined assets of $4.6 billion and 28 locations scattered around Arizona, California, and Nevada.

Regulators seized the First National Bank Holding Co. in Scottsdale, Ariz, the parent company of First Heritage Bank in Newport Beach, Calif., and the First National Bank of Nevada in Reno, Nev. The First National Bank of Arizona merged with the First National Bank of Nevada on June 30, only to be shutdown 25 days later.

The estimated cost of the failure of First National Bank of Nevada and First Heritage Bank is projected to be $862 million, according to the FDIC.

On July 11, federal regulators shut down IndyMac Bank, a $32 billion institution based in Pasadena, Calif. The estimate cost of that seizure is between $4 billion and $8 billion, according to the FDIC.

Before IndyMac, regulators seized Minnesota-based First Integrity Bank with $54.7 million in total assets and $50.3 million in total deposits on May 30; Arkansas-based ANB Financial with $2.1 billion in total assets and $1.8 billion in total deposits on May 9; Missouri-based Hume Bank with total assets of $18.7 million and total deposits of $13.6 million on March 7; and Missouri-based Douglas National Bank with $58.5 million in total assets and $53.8 million in total deposits on January 25, according to the FDIC.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2008, Condo Vultures® LLC

Discount Discrepancy Widens Between Miami’s Mainland, Barrier Island

Discounts in Miami-Dade County’s coastal condominium markets are moving in different directions depending upon which side of Biscayne Bay a particular project is located, according to a new report from Condo Vultures® LLC.

As the average discounts in percentage terms and total dollars deepens on Miami-Dade County’s Mainland where the bulk the new construction occurred, pricing is leveling off for condo units situated on the barrier island where the beaches are located, according to the Vultures Database™ Report for August 2008.

“The growing discrepancy in discounts between Greater Miami’s Mainland and the Barrier Island is not that big of a surprise given today’s buying trends,” said Peter Zalewski, a principal with the consultancy Condo Vultures® LLC that produced the report. “Second-home buyers with foreign currencies – who tend to be the majority of the today’s purchasers – prefer the close proximity to the sand, surf, and nightlife of the Barrier Island. Full-time residents, who are all but invisible or looking to rent in this current market, usually opt for the Mainland, which tends to offer the everyday conveniences at a more affordable price.”

Discounts on the Mainland, which is comprised of Greater Downtown, Coconut Grove, Coral Gables, and South Miami for this report, averaged a drop of -32 percent, or -$174,135, through July 31, according to the data .

The average discount on the more expensive Barrier Island, which is comprised of the cities of Miami Beach, Surfside, Bal Harbour, and Sunny Isles Beach for this report, stood at -27 percent, or -$198,199, according to the data.

By comparison, the average discount on the 3,321 condos in the Vultures Database™ in South Florida through July 31 was -30 percent, or -$175,147, off of the historical high price.

The Vultures Database™ tracks properties – condos, townhouses, and single-family homes - east of Interstate 95 and/or U.S. 1 in the South Florida region of Miami-Dade, Broward, and Palm Beach counties that have decreased in price by at least -10 percent or -$100,000.

The complete Vultures Database™ is comprised of 4,818 properties that have been reduced by -$1.08 billion, or an average of -$223,233 each, and languished on the market for an average of 593 days. Condos represent 69 percent of the total inventory, and single-family houses and townhouses the remaining 31 percent of the properties in the database.

Overall, the top five markets with the biggest average discounts off of the historical high asking prices for condos, townhouses, and single-family homes are located in Palm Beach and Broward counties. Miami-Dade County has only three cities that rank in the Top 10 markets for the deepest discounts, according to the report .

Royal Palm Beach has the deepest South Florida discount at -52 percent, although this drop is based on a single property. Dania Beach ranks second with an average discount of -39 percent on 38 properties and Oakland Park is third with an average discount of -37 percent on 33 properties.

Rounding out the top five markets with the deepest discounts are Lantana with a -37 percent on a single property, and Boca Raton with an average decrease of -36 percent on 42 properties, according to the report.

In the first seven month of this year, 722 properties in the Vultures Database™ have been sold at an average discount of -38 percent, or -$320,462. That works out to a pace of 103 properties per month in a market where financing is a challenge.

This year’s number of closings is up slightly compared to 2007 when there were 1,226 properties in the Vultures Database™ that sold for an average discount of -29 percent, or -$259,586. Last year’s number of total transactions works out to an average of 102 closing per month.

The discrepancy in pricing between Miami’s Mainland and the Barrier Island is also prevalent in the deals that have closed this year. There have been 214 Barrier Island properties in the Vultures Database™ this year that have sold for an average discount of -34 percent, or -$398,488. On the Mainland, there have been 178 sales at an average discount of -37 percent, or -$325,079, according to the report.

All indicators are this trend will continue through the summer and into what is expected to be a busy winter tourism season. Consider that in the last three summer months, the difference between Miami's Mainland and Barrier Island in average discounts and total inventory on a percentage basis has continued to widen.

In July, the Barrier Island accounted for 29.1 percent of the total number of condos in the Vultures Database™, down from 29.5 percent in June, and 30.7 percent in May.

At the same time, Miami’s Mainland has seen its share of the properties in the Vultures Database™ increase to 24.7 percent in July from 23.9 percent in June and 23.2 percent in May, according to the report.

“We expect the current trend of the growing pricing discrepancy between the Barrier Island and the Mainland to continue to widen,” Zalewski said. “As buyers scoop up units on the Barrier Island at smaller discounts, sellers on the Mainland are faced with trying to differentiate their units from the nearly 21,000 new units that have been constructed since 2003.”

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2008, Condo Vultures® LLC

Problem Real Estate Loans Contribute To 9th US Bank Failure

Fannie Mae To Open Satellite Offices To Liquidate Bank-Owned Properties

Spec Condo Project Begins Construction In Miami-Dade County

Pressure Builds For Florida’s Largest Bank

Florida’s largest bank was already under pressure from analysts, investors, and third-party governance groups concerned about the institution’s growing number of problem mortgages even before Thursday’s New York Times article donned the Miami-based lender as the “Tempest for a Bank That Bet on Risky Loans.”

BankUnited, Florida’s largest based bank with assets of $14.3 billion and the originator of the “59 Minute Loan” during the real estate boom years, is now “scrambling to raise $400 million in capital, an amount nearly eight times the bank’s shriveled value on the stock market,” according to the article.

BankUnited has a market capitalization value of $47 million, according to Yahoo! Finance.

The stock price of BankUnited (Nasdaq: BKUNA) dropped by 12 percent to $1.32 per share in midday trading Thursday. The current pricing means BankUnited’s shares have plummeted about 93 percent from the institution’s 52-week high price of $19.69 per share, according to Yahoo! Finance.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™.

Copyright © 2008, Condo Vultures® LLC

Renters Filling New Miami Condos, But Will Rates Hold?

Less than 800 condo units are currently available for rent in the Greater Downtown Miami area despite nearly 21,000 new residences being built in the last five years, according to a new report from Condo Vultures® LLC.

Of the units that are currently available for lease, the rental rates being agreed to on an annual square foot basis per month in the Greater Downtown Miami area are about $1.85 for a city view and $2 for a water view, which is about 30 percent cheaper than in Miami Beach’s South Beach neighborhood, according to the report.

The Greater Downtown Miami area is defined as the Rickenbacker Causeway north to the Julia Tuttle Causeway, Interstate 95 east to Biscayne Bay. The Brickell Avenue area, Downtown Miami, and the Biscayne Boulevard Corridor together comprise this 60-block stretch from south to north.

“Despite all of the speculation surrounding the Downtown Miami condo market, rental activity is surprisingly strong – for the time being – with tenants snapping up units at a pace that has kept many investors out of foreclosure,” said William Betancourt, a rental specialist and licensed real estate agent with with Condo Vultures® Realty LLC. “We have found that there is a lot of demand from young professionals to occupy many of the new projects in Greater Downtown Miami. Most of our renters already work and socialize in the area so it is a natural progression for them.

“It also doesn’t hurt that renters can live in never-before-occupied units at attractive prices. ”

This year 1,102 condo units have been leased in the Greater Downtown Miami area, with leases ranging on a monthly basis from $950, or $1.92 per square foot, for a 496-square-foot studio in a new waterfront facing building in the Biscayne Boulevard Corridor to $9,000, or $3.04 per square foot, for a new waterfront condo with four bedrooms and 2,959 square feet on Brickell Key, according to the Multiple Listing Service.

The median lease price transacted is $1,600, or $1.89 per square foot, for a one-bedroom unit with 846 square feet in a new waterfront condo in downtown Miami.

Renters are leasing up one-bedroom units at a quicker pace than the two-bedroom units, which traditionally are the most popular, according to the report.

There have been 538 one bedroom units that have rented in the Greater Downtown Miami area with the median monthly price being $1,450, or $1.85 per square foot, for a 783-square-foot unit in a new building on the Miami River.

Compare that to 437 two-bedroom units that have rented with the median price being $2,000, or $1.65 per square foot, for 1,212 square feet in a new building on the Miami River.

Studios have been slightly more popular than three-bedroom units. There have been 62 studios rented in 2008, with the median monthly price being $1,150, or $2.55 per square foot, for a 451 square foot unit on the Miami River, while 60 three-bedroom units have rented with the median monthly price being $2,650, or $1.87 per square foot, for a 1,419-square-foot unit also located in a new building on the Miami River.

There were three four-bedroom units that rented this year with the median monthly price being $8,000, or $2.34 per square foot, for a bayfront building with 3,415 square feet. Only one five-bedroom unit, which was built in 1955 and has 4,250 square feet, has rented this year, at a rent of $3,500, or 82 cents per square foot.

“The rental market is stronger than I have seen it for some time,” said Betancourt, who can be reached at William@CondoVultures.com. “The tightening of loan requirements, rising gas prices, and the ability to live in brand new units at investor-subsidized prices all attribute to the robust rental market in Greater Downtown Miami.”

The looming question, though, is whether rental rates will continue to be this robust.

Nearly 90 percent of the new Greater Downtown Miami condo product is already available or scheduled to be delivered this year, and rental rates are still close to $2 per square foot for an unfurnished unit, said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® that authored the report.

The flip side is that bulk buyers trying to acquire hundreds of developer units in the Greater Downtown Miami area are projecting rental rates of $1.25 per square foot through 2010, Zalewski said.

"The key to leasing success for landlords in the Greater Downtown Miami rental market will be to continue to maintain prices below the premium rates charged in South Beach," Zalewski said. "If landlords can maintain the pricing advantage combined with the new product available in Greater Downtown Miami, many landlords think renters can be persuaded in growing numbers to leave Miami Beach for a 10-minute drive west over the causeway."

Prospective tenants who are looking today for units in the Greater Downtown Miami area will find that a majority – 53 percent – of the 791 condos currently available for rent are located in the Brickell Avenue area, which is defined by the Miami River to the north and the Rickenbacker Causeway to the south.

Downtown Miami has the next highest number of available rentals with 26 percent of the inventory. This area is define from the Miami River north to the MacArthur Causeway.

The remaining 21 percent of the units for rent are located in the Biscayne Boulevard Corridor, which is located between the MacArthur Causeway north to the Julia Tuttle Causeway.

Rents today in Greater Downtown Miami range from $975 per month for a 758-square-foot unit in a 34-year-old building in the Biscayne Boulevard corridor to $15,000 per month for a 4,000-square-foot condo in a waterfront trophy building on Brickell Avenue.

The median asking rental price is $2,090 for a two-bedroom unit with 1,141 square feet in a new condominium that opened in 2008. This works out to $1.83 per square foot per month.

About 78 percent, or 621 units, of the total condos available for rent in Greater Downtown Miami are priced between $1,000 and $2,500, according to the report. Here is a rounded breakdown:

- 2 units (0.3 percent) are priced at $975 and $995;
- 98 units (12.4 percent) priced at $1,000 to $1,499;
- 254 units (32.1 percent) priced at $1,500 to $1,999;
- 215 units (27.2 percent) priced at $2,000 and $2,499;
- 123 units (15.5 percent) priced at $2,500 to $2,999;
- 32 units (4 percent) priced at $3,000 to $3,999;
- 22 units (2.8 percent) priced at $4,000 to $4,999;
- 22 units (2.8 percent) priced at $5,000 to $5,999
- 17 units (2.1 percent) priced at $6,000 to $9,999;
- and 6 units (0.8 percent) priced at $10,000 to $15,000.

The units available for rent break down this way: 28 units, or 3.5 percent, are studios; 291 units, or 36.8 percent, have one bedroom; 399 units, or 50.4 percent, have two-bedrooms; 63 units, or 8 percent, have three bedrooms; four units, or 0.5 percent, have four bedrooms; and 2 units, or 0.3 percent, have five bedrooms.

The median price for a studio is $1,400 per month for a 485 square foot unit in a brand new condominium project in Downtown Miami on Biscayne Boulevard. This works out to $2.89 per square foot.

For a one-bedroom, the median price is $1,620 for a 750-square-foot unit in a new tower on the Miami River. This works out to $2.16 per square foot.

The median price for a two-bedroom unit is $2,300 per month for a 1,222-square-foot condo in a new building fronting the bay in the Biscayne Boulevard Corridor. This works out to $1.88 per square foot.

For a three-bedroom, the median price is $3,190 for a 1,650-square-foot unit on a waterfront building on Brickell Key. This price works out to $1.93 per square foot.

The median price for a four-bedroom unit is $8,500 for 3,415 square feet in a bayfront building in the Brickell Avenue area. This monthly rental price works out to $2.49 per square foot.

The two five-bedroom condos current available for rent have asking prices of $7,200 and $14,000 per month.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™.

Copyright © 2008, Condo Vultures® LLC

Bulk Buyer Purchases 120 Downtown Miami Condo Units

A $1 billion U.S. opportunity fund paid about $252,500 per unit for the last 120 units in the newly completed 54-story 50 Biscayne condominium tower in downtown Miami, netting the seller $18 million, according to the South Florida Business Journal.

Lubert-Adler Partners, a $1 billion opportunity fund based in Philadelphia, paid $30.3 million for the remaining 23 percent of the 528-unit tower at 50 Biscayne Blvd. The seller was Cousins Properties, a publicly traded Atlanta real estate company with the New York Stock Exchange ticker of CUZ.

The Related Group with Jorge Perez built the tower as part of a partnership with Cousins Properties. The Related Group and Perez are partners with the buyer, Lubert-Adler Partners, according to a statement from Cousins Properties.

The 50 Biscayne project is one of 85 condominium and/or townhouse projects to be developed in the Greater Downtown Miami area between 2003 and 2010, when the last tower is scheduled to be completed. Greater Downtown Miami is a 60-block stretch from the Rickenbacker Causeway north to the Julia Tuttle Causeway, Interstate 95 east to Biscayne Bay that encompasses the Brickell Avenue area, Downtown Miami, and the Biscayne Boulevard Corridor.

During this latest condo boom, developers constructed or are scheduled to build 22,737 new units pushing the total inventory in Greater Downtown Miami to 34,254 units, according to the Condo Vultures® Official Buyers Guide To Miami.

Greater Downtown Miami is projected to have 39 million square feet of gross sellable space, according to the Guide.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2008, Condo Vultures® LLC

Florida Bank Shut As Regulators Continue Offensive

As Florida’s real estate market continues to plummet, banking regulators stayed on their offensive to clean up the industry by taking the extreme step of seizing a Florida-based institution.

First Priority Bank of Bradenton, a six branch institution with $261 million in assets located on the state’s west coast, was shutdown on the afternoon of Friday, Aug. 1, marking the first Florida institution to be closed by regulators in more than four years.

The last Florida bank to fail was Guaranty National Bank of Tallahassee with assets of $74.1 million on March 12, 2004.

First Priority Bank is the eighth bank to be closed in 2008, and the fourth since July 11. Local newspapers have identified two more Florida-based banks that have landed on regulatory watch lists.

Founded in December 2003 at the onset of the real estate bubble, First Priority Bank grew into an institution with 53 employees and with five locations in Bradenton, one in Sarasota, and one in Venice.

During the five year run, First Priority Bank reached $214 million in deposits and focused it lending strategy on commercial deals secured by Florida real estate, which is now freefalling in value.

As a result of the market downturn, First Priority’s noncurrent loans to loans spiked to 19.14 percent in March 2008 from 2.30 percent in March 2007. The bank’s real estate loans that were noncurrent jumped to 20.46 percent in March 2008 from 2.74 percent in March 2007, according to the Federal Deposit Insurance Corp.

The bank’s ratio of noncurrent construction and development loans skyrocketed to 24.89 percent in March 2008 from 2.15 percent in March 2007, according to the FDIC.

On the eve of the release of the First Priority’s second quarter results Florida Office of Financial Regulation seized the institution, and named the FDIC to be the receiver.

The FDIC in turn entered into an agreement to sell a large chunk of First Priority’s assets, liabilities, and all of Florida bank's branches to the Atlanta-based regional institution SunTrust Bank.

First Priority’s former branches are scheduled to open the morning of Monday, Aug. 4, as SunTrust Bank.

“Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage,” according to an FDIC statement. “For the time being, however, customers of both banks should use their existing branches until SunTrust can fully integrate the deposit records of First Priority.”

According to the FDIC, First Priority had about $13 million in uninsured deposits held in about 840 accounts. The FDIC insures accounts up to $100,000.

To see a Florida bank fail shouldn't come as a shock to many. Investors have been closely watching the banking industry in Florida given the state’s rapidly deteriorating real estate market, which was a key lending focus for most institutions.

Deteriorating real estate markets on the West Coast of the United States has already prompted federal regulators to seize three banks in three state in the month of July.

Federal regulators shut down on July 25 two banks in three states with combined assets of $4.6 billion and 28 locations scattered around Arizona, California, and Nevada.

Regulators seized the First National Bank Holding Co. in Scottsdale, Ariz, the parent company of First Heritage Bank in Newport Beach, Calif., and the First National Bank of Nevada in Reno, Nev.

The First National Bank of Arizona merged with the First National Bank of Nevada on June 30, only to be shutdown 25 days later.The estimated cost of the failure of First National Bank of Nevada and First Heritage Bank is projected to be $862 million, according to the FDIC.

On July 11, federal regulators shut down IndyMac Bank, a $32 billion institution based in Pasadena, Calif. The estimate cost of that seizure is between $4 billion and $8 billion, according to the FDIC.

Before IndyMac, regulators seized Minnesota-based First Integrity Bank with $54.7 million in total assets and $50.3 million in total deposits on May 30; Arkansas-based ANB Financial with $2.1 billion in total assets and $1.8 billion in total deposits on May 9; Missouri-based Hume Bank with total assets of $18.7 million and total deposits of $13.6 million on March 7; and Missouri-based Douglas National Bank with $58.5 million in total assets and $53.8 million in total deposits on January 25, according to the FDIC.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2008, Condo Vultures® LLC