MIAMI — It could be one of the quickest profits made in Miami's condo market.
All it took was 20 minutes for a bulk buyer to make $200,000 by purchasing 19 units in the new Mi Primera Ilusion Villas Miami condominium and then immediately selling the same condos to another investor, according to a report from CondoVultures.com
The Fama Group, with principal Nancy Marquez, purchased 19 units in the 30-unit condominium on Southwest 18th Avenue in Miami for $1.25 million, or $102 per square foot, according to Florida Secretary of State records. The deal was completed at 1:25 p.m., Friday, March 5.
Exactly 20 minutes later, at 1:45 p.m., Marquez's group sold the units for $1.45 million, or $118 per square foot, to another Miami-based entity, Rentdepo LLC with principals Alain Bonvecchio and Karen Stanford Bonvecchio, according to government records.
"Call this condo arbitrage, Miami style,'' said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures LLC.
Zalewski says Fama Group earned a 16 percent cash-on-cash return, minus fees.
Read the full story at MiamiHerald.com