Dizengoff Group, a family-owned real estate company based in Israel, has purchased 118 condominium units in South Florida for $6.75 million. The units are costing Dizengoff $53 per square foot, down from $204, when the units were offered by the developer in 2006.
The company says it will rent out the condos until the market recovers. Ronen Saban, manager of the company’s office in Boca Raton, Fla., says his company is sure good weather and a pleasant lifestyle that appeals to Latin Americans and Europeans will eventually restore the Florida housing market to good health.
Source: The Wall Street Journal
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