Miami’s Icon Brickell Is A Test Case
The question is whether banks should sell the distressed condo units in bulk or one by one. You will get more bang for your buck if you sell them individually but it will take longer.
I am not sure how many understand the new rules with the mark-to-market accounting change but I think this paragraph from the article below describes it best.
“That is partly because federal regulators have given banks some slack: In October, regulators issued guidelines that let banks keep loans on their books as “performing” even if the values of the underlying properties have fallen below the loan amount.”
I am not a real estate attorney and always make sure to contact one but I am a avid reader and in the South Florida Business Journal and here is what they are trying to change with buying of condos in bulk. “Existing law states that a buyer of seven or more units in a building with 70 or more units becomes responsible for all liabilities normally assumed by the project developer, including defects and issues with common areas.” http://southflorida.bizjournals.com/southflorida/stories/2009/12/21/focus4.html?b=1261371600%5E2605991