| Vulture real estate investors swoop in
Quote:
By Les Christie, CNNMoney.com staff writer
Last Updated: July 5, 2008: 7:32 AM EDT
NEW YORK (CNNMoney.com) -- Rock-bottom home prices have finally begun to lure vulture real estate investors into the fray.
Sharon Restrepo, a broker in South Florida, where home prices have dropped nearly 27% over the past 12 months, recently bought a three-family home in Cape Coral from a very motivated seller for a mere $65,000. It listed for $195,000.
She can rent the three apartments out for about $1,500 and turn a profit, while she holds on to the property until the market recovers.
"The savvy investors here," she said, "are buying up everything they can."
| more ... Vulture real estate investors swoop in - Jul. 2, 2008
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