Vulture real estate investors swoop in

[Gunny]

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

 

[manifold]

Does this mean the resurrection of the Tom Vu infomercial?

[youtube]iQNdi-fRExc[/youtube]

 

[Gunny]

I can tell by looking at it I'm glad my speakers aren't hooked up.