Neisen Kasdin, Miami Office Managing Partner and former Miami Beach mayor, spoke to the South Florida Business Journal on the status of distressed properties in South Florida as the COVID-19 causes major strains on the real estate market.
“Is this a good time for buyers to find distressed assets?
It soon will be, as things settle out a little bit. Right now property owners are saying, ‘We can hold on if this turns around soon enough, but let’s see where our tenant roll is going to be. Let’s see what our rent rates are going to be.’
What kind of decisions are they having to make with their lenders?
For the most part lenders and landlords are playing nice. There’s a tremendous amount of forbearance requests and, for the most part, lenders are working with their borrowers.”