Commercial real estate veterans predict the sale of loans held by failed lender Corus Bank could further batter South Florida’s new condo market – ushering in a deeper price correction needed before the condo market can begin a road to recovery.
The Miami area has one of the nation’s largest concentrations of condo projects financed by Corus – about $1 billion. If the buyer of Corus forecloses on the nonperforming loans and unloads the underlying condo units at fire-sale prices, it could drive the value of South Florida condos to new lows, experts predict.
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