In case you missed it, or want to see it again, CBS News has posted online its “60 Minutes” story from last month on the mortgage meltdown, including a segment about how it’s expected to affect commercial real estate soon. Not surprisingly, a focal point of the story is the Miami condo market, referred to here as the “Repo Riviera.”
It’s worth the 12 minutes or so that it takes to watch the video, whenever you have the time. Among those interviewed is Peter Zalewski of Condo Vultures, who makes a valid point about his business model: “Vultures clean up the mess. A lot of people seem to think they kill, but they don’t actually kill, they clean.”
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