With 2009 drawing to a close, more and more investors are reaching the end of the closing phase on Miami Beach condos like ICON South Beach.  Except they aren’t purchasing just one unit, they’re purchasing several at a time leading to a surge in what’s commonly referred to as “bulk deals”.

As has been the case for some time now, these bulk deal investors are the same people who make up the general buyers purchasing single units at ICON Miami Beach, namely foreign individuals.  Since the end of October these people have been responsible for over 700,000 square feet of bulk purchases and more than 500 units.  And what’s the reason for all of this buying activity?  As you might’ve guessed, the attractive prices have been the driving factor but a surplus of low priced inventory has also contributed.

While there is still no hard evidence available in order to confidently say that the much speculated market bottom has been reached, most of these investors feel that it’s close enough to take advantage of the wealth of deals.  Are these investors buying in buildings like the ICON condo making the right decision or will these newly purchased units just sit empty?