Investors from abroad pay rock-bottom real estate prices

Published June 29, 2009
Tampa Bay Business Journal

Within a week of signing a contract to buy 149 units at an Ehrlich Road gated condominium community, Israeli investor Shaoul Mishal wired $5.8 million to complete the all-cash deal.

“If I shake hands on a deal, I’m a closer,” Mishal said in a telephone interview from Israel.

Mishal’s Gamla-Cedron Group, based in Israel, is among a growing number of companies with cash to buy distressed properties at the “right price.”

“It’s an excellent time to buy,” Mishal said. “I really believe in the U.S., in Florida and in real estate.”

If the condo market isn’t at bottom, he thinks it’s very close.