tag:blogger.com,1999:blog-55383039921478756012011-11-27T19:42:00.209-05:00Are you capitalizing on the real estate correction? Are you taking advantage of the growing number of short sales, REO properties, and foreclosures? Ready for some assistance? Call 1-800-750-0517.Condo Vultures®noreply@blogger.comBlogger2141100tag:blogger.com,1999:blog-5538303992147875601.post-25537789412367442352010-03-23T10:04:00.000-04:002010-03-23T10:10:23.398-04:00

Jonathan M. Pertchik, the former chief restructuring officer for luxury condo developer WCI Communities which built several South Florida towers before seeking bankruptcy protection for a time, will have plenty to discuss as the keynote speaker at tonight's Condo Vultures® seminar.Pertchik has just been named the chief operating officer for the newly created residential division of Starwood

Condo Vultures®noreply@blogger.comtag:blogger.com,1999:blog-5538303992147875601.post-9313312733478722912009-09-23T11:46:00.003-04:002009-09-23T11:49:13.817-04:00

A Boca Raton company has paid $39 million for nearly 300,000 square feet of vacant land situated on nine parcels in Downtown Miami, according to a new report from the Condo Vultures® Bulk Deals Database.The newly created PWV Group 1 Holdings LLC, with Gary N. Gerson as registered agent, paid $130 per square foot on Sept. 21 for 27 lots located a block west of four new highrise condo towers on

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-58923508430360240932009-08-11T08:57:00.002-04:002009-08-11T09:01:19.835-04:00

Regulators have seized three bank, two headquartered in Florida and one in Oregon, resulting in an estimated loss of $185 million to the Federal Deposit Insurance Corp.First State Bank, a Sarasota, Fla.-based institution with assets of $463 million and deposits of $387 million, was shuttered on Friday, Aug. 7, producing a loss of $116 million to the FDIC's Deposit Insurance Fund. The FDIC ensures

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-9806494126909292022009-08-07T09:46:00.004-04:002009-08-07T09:50:03.108-04:00

Federal regulators are staffing up for next month's scheduled opening of what is poised to be a 500-person bank failure and asset sales office in Florida.The Federal Deposit Insurance Corp, which insures individual accounts up to $250,000, plans to open a "temporary" east coast office on Jacksonville's south side of town in September."Throughout its history, the FDIC has used these offices to

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-83453204426549888942009-08-06T09:53:00.000-04:002009-08-07T10:08:01.657-04:00

By Jim FreerSpecial CorrespondentCondoVultures.comThe past year’s disruptions in the financial markets are leading to new commercial real estate lending opportunities for some South Florida-based banks.Two of those banks are U.S. Century Bank , based in Doral, and Stonegate Bank , based in Fort Lauderdale.They are receiving loan requests from some owners of larger office buildings, major

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-14353064679036394632009-08-04T09:57:00.000-04:002009-08-07T10:08:19.332-04:00

Guest OpinionBY ERIK WESOLOSKI(Editor's note: Views expressed in this column are those of the writer and do not necessarily reflect the views of CondoVultures.com.)The other day a client literally ran into my law firm, visibly shaken. He asked to see me immediately. My secretary whisked him into my office and before he even took a seat, he exclaimed that $6,000 had disappeared from his checking

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-48939790043581195692009-08-03T09:50:00.000-04:002009-08-07T10:07:35.623-04:00

Greater Miami, the epicenter of the Florida housing crash, now has fewer than 10,000 single-family houses for resale following a 1.5 percent drop in inventory in the last week, according to a new report from Condo Vultures® LLC.In Miami-Dade County there are 9,998 single-family houses for resale, down from 10,154 houses on July 27 and 10,301 houses on July 20. Back in November, there were 16,554

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-52784309173658999962009-07-30T09:41:00.001-04:002009-08-07T10:07:10.770-04:00

Bulk buyers have purchased nearly 600 new condo units in South Florida in the last year, shelling out about $125 million in cash for more than 630,000 square feet of livable space, according to a new report from Condo Vultures® LLC.Since July 2008, nine bulk purchases - including four deals in the last month - have been recorded in South Florida at an average price of $198 per square foot.The

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-61947971920728913092009-07-28T11:59:00.002-04:002009-07-28T12:01:48.405-04:00

Prompted by the $8,000 Obama tax credit incentive, more than 86 percent of the nearly 16,000 residences under contract in South Florida as of July 27 are priced at $350,000 or less, according to a new report from Condo Vultures® LLC.Discount buyers, many of which are purchasing for the first time to take advantage of the federal money, have entered into contracts to purchase 13,726 residences

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-90177972912081776432009-07-27T09:46:00.003-04:002009-07-27T10:02:17.674-04:00

Individuals planning to attend Tuesday's First-Time Home Buyers Dos and Don'ts seminar are encouraged to register as soon as possible for the free event given the strong response.With the $8,000 first-time home buyers federal tax credit scheduled to expire in November, many purchasers are scrambling to figure out how to qualify for the Obama administration incentive before the offer

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-16970223326308776492009-07-26T16:34:00.002-04:002009-07-26T16:48:30.074-04:00

A South Florida private equity group purchased 51 new, oceanfront condo-hotel units in the luxury One Bal Harbour complex at $63 per square foot, a discount of 94 percent off of the $1,100 per square foot average recorded sales price, according to a new report from Condo Vultures® LLC.Elcom Condominium LLC with Jorge E. Arevalo and Thomas D. Sullivan in South Miami paid $2.6 million for 41,047

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-39826983324658691072009-07-22T21:15:00.003-04:002009-07-22T21:19:39.956-04:00

Federal regulators have seized the South Dakota bank foreclosing on a nearly $12 million oceanfront condo development site in Greater Miami Beach.BankFirst of Sioux Falls, S.D., was shut on Friday, July 17, less than a month after the 14-year-old institution filed to foreclose on a 1.1-acre site development site located between Collins Avenue (State Road A1A) and the Atlantic Ocean.A 43-story

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-60499589562221199802009-07-17T11:21:00.003-04:002009-07-17T11:25:05.314-04:00

Banks repossessed 16 percent fewer South Florida properties in the second quarter of this year than were seized during the same period a year ago despite an increased number of foreclosure filings in the tricounty region, according to a new report from Condo Vultures® LLC.Lenders repossessed 5,992 properties in Miami-Dade, Broward, and Palm Beach counties between April and June of 2009 compared

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-8791814125670594632009-07-16T09:37:00.004-04:002009-07-16T09:41:33.904-04:00

A $12 million foreclosure action has been launched against an oceanfront development site in Sunny Isles Beach that is to house a proposed 43-story luxury condominium tower featuring only one unit per floor, according to the Condo Vultures® Foreclosure Database™.BankFirst of Sioux Falls, S.D., filed the foreclosure action, also known as a Lis Pendens and/or Notice of Default, in Miami-Dade

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-33884705427834815332009-07-14T10:10:00.006-04:002009-07-14T10:27:10.447-04:00

Early estimates in response to dozens of lawsuits has determined that defective Chinese drywall is present in at least two percent of the 20,000 single-family houses developed in Florida between 2006 and 2007 by Miami-based homebuilder Lennar Corp.The number of defective residences may grow even higher as Lennar's research has just begun to determine how many other homes the Miami company built

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-41871319210932898772009-07-08T09:00:00.003-04:002009-07-08T09:04:12.770-04:00

A 1.4-acre oceanfront property zoned for a high-rise condo tower in Sunny Isles Beach is scheduled to be auctioned off in the next 60 days to the highest all-cash bidder at the Miami-Dade County Courthouse, according to Condo Vultures.com.A final judgment amount of nearly $26.3 million, or $419 per square foot, was established for the property on July 6 by Miami-Dade Circuit Court Judge Ronald

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-778190316056505052009-07-07T12:42:00.002-04:002009-07-07T12:44:36.166-04:00

A Miami Beach company headed by Jorge Mattos has purchased 21 units in the Marina Blue condominium tower in Downtown Miami for $5.69 million in an all-cash deal involving the project's former mezzanine lender, according to a new report from Condo Vultures® LLC.A newly formed Florida corporation called 21 Marina Blue LLC with Mattos as the manager purchased 13 two bedroom units, seven one-bedroom

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-30698670582484030782009-07-03T20:34:00.004-04:002009-07-03T20:37:50.250-04:00

The Related Group, the nation's largest condo tower developer, is attempting in the next two months to finalize plans to return thousands of unsold new units with debt of "roughly $1.5 billion" to the construction lenders, according to Miami news reports.The admission comes just as the Related Group has agreed to relinquish ownership to its lenders of the remaining 381 unsold units in the 420-

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-15178549285629379212009-07-01T08:39:00.003-04:002009-07-01T08:52:41.201-04:00

The pace of new condo closings in Greater Downtown Miami slowed by half in the second quarter of 2009 to 2.7 sales per day, down from an average of 5.2 per deals day in the first quarter of the year, according to a new report from Condo Vultures® LLC.Buyers purchased 246 units in the 60-block stretch of Greater Downtown Miami between April and June. In the two previous quarters, buyers closed on

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-15107966346496217372009-06-30T10:04:00.002-04:002009-06-30T10:06:15.903-04:00

Nearly 900 residences in the Vultures Database™ have closed in the first five months of 2009 at an average discount of $357,500, or nearly 54 percent, a dramatic change from the average price reductions of 44 percent in 2008 and 29 percent in 2007, according to a new report from Condo Vultures® LLC.Buyers closed 232 single-family houses, condos, and townhouses in the tri-county South Florida

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-52397414388378744052009-06-29T10:36:00.002-04:002009-06-29T10:39:04.704-04:00

Resale residential inventory in the Greater Fort Lauderdale area is shrinking at a faster rate than is the case for the South Florida region, according to a new report from Condo Vultures® LLC.Resale inventory in Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, is down 30 percent to nearly 26,000 single-family houses, condos, and townhouses in the last seven months

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-71193455360387871242009-06-27T12:44:00.005-04:002009-06-27T13:02:48.049-04:00

BY WILLIAM BETANCOURTThere were a total of 83,445 residences listed for sale in South Florida as of June 12th, 2009. Of that, 25,814, or 31 percent are in some stage of the short sale process, according to a new report based on the Condo Vultures® Foreclosure Database™.“The month of May proved to be busy at the courthouse recording office accounting for 1,899 new Lis Pendens filings in Miami-Dade

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-62933952126455679062009-06-26T13:27:00.001-04:002009-06-26T13:30:49.102-04:00

BY JIM FREERSpecial CorrespondentCondoVultures.comIt’s not just bankers who will determine when the residential and commercial real estate markets will begin a rebound in Florida and around the country.Bank regulators always have major influence on banks’ overall strategies, and they have been taking actions that likely will result in many banks remaining cautious on lending for the remainder of

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-73122443730471587922009-06-25T10:10:00.004-04:002009-06-25T10:15:59.471-04:00

BY ERIK BOJNANSKYSpecial CorrespondentCondoVultures.comEight months ago, hardly anyone knew or cared about Chinese drywall. And eight months later, the full impact of this imported building material that has been blamed for metal corrosion, electrical mishaps and health problems is still unknown, according to CondoVultures.com.Most agree, however, that Chinese drywall will have a huge negative

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-28259560866563773792009-06-24T08:10:00.004-04:002009-06-24T08:13:26.613-04:00

South Florida residential real estate inventory dropped by 1.1 percent in the last week, dragging the total number of resales available down to 81,159 properties, according to a new report from Condo Vultures® LLC.Residential resale inventory slipped by 888 properties between June 15 and June 22 for an average decreased of 127 properties per day. On June 1, there were 83,491 residential resales

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-48705009226690028352009-06-22T22:46:00.000-04:002009-06-22T22:48:21.599-04:00

A Miami entity headed by Carlos Mattos paid $203 per square foot for 31 units at the 1060 Brickell condominium in Miami's financial district, according to Condo Vultures® LLC.Mattos' newly created 1060 Brickell Apartments LLC paid nearly $6.1 million without financing for four studio units, 22 one-bedroom units, and five two-bedroom units with a combined 29,913 square feet of livable space,

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-64302324052901112942009-06-18T18:56:00.003-04:002009-06-18T18:59:27.825-04:00

The South Florida residential real estate market is at bottom and likely to experience some appreciation within a year, the National Association of Realtors Chief Economist Dr. Lawrence Yun said."I think the prices have already pretty much bottomed in the South Florida market," Yun said. "The rest of the country is more difficult to say but I think here, given the buyers, the prices have already

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-38770409460596800452009-06-16T09:20:00.002-04:002009-06-16T09:24:51.055-04:00

Looking to invest in South Florida residential real estate but not sure where rental rates are heading? Struggling to find a double-digit cap rate to justify an investment?Many of these questions will be addressed by a five-member panel of South Florida experts convening between 5.30 pm and 8 pm tonight, June 16, to discuss "Rental Rates and the Quest For Double Digit Cap Rates" at the Doubletree

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-41658065610628199752009-06-15T11:19:00.003-04:002009-06-15T11:27:03.083-04:00

BY ERIK BOJNANSKYSpecial CorrespondentCondoVultures.comHappy days are here again, acclaim Realtors and analysts interviewed by CondoVultures.com, as recent data suggest a significant increase in South Florida home purchases and a decrease in residential inventory.Well, maybe relief and cautious optimism are better descriptions of how many Florida real estate agents are currently feeling.South

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-11175595451606752012009-06-13T17:45:00.002-04:002009-06-13T17:48:25.499-04:00

Are you a first-time home buyer who wants to take advantage of the deep discounts and the Obama $8,000 tax credit but are feeling overwhelmed by the process?Are you unsure about which, if any, of the newly created local, state, and federal programs you qualify for? Condo Vultures® had you in mind when it created the newly published First-Time Home Buyers Guide To South Florida™.This 18-page eBook

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-827710997592770152009-06-12T18:47:00.005-04:002009-06-12T18:57:19.237-04:00

Dr. Lawrence Yun, chief economist of the National Association of Realtors, and Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC, will participate on a panel discussion on the state of the South Florida real estate market .Yun and Zalewski are scheduled to speak at the Realtors Association of Greater Miami and the Beaches' International

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-55972297866550809102009-06-09T12:28:00.003-04:002009-06-09T12:33:05.467-04:00

The number of resale condos available in South Florida has slipped below the 50,000-unit threshold, representing more than a 18 percent drop in total inventory since November, according to a new report from Condo Vultures® LLC. As of June 8, there are a combined 49,746 condos and townhouses on the resale market in the tri-county South Florida region. A week prior on June 1, there were 50,071

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-407857982125264512009-05-30T19:02:00.004-04:002009-05-30T19:06:30.089-04:00

Nearly three-dozen residences in Miami Beach's South Beach neighborhood slipped into foreclosure in May for nonpayment on nearly $14.3 million in combined mortgage financing, according to the Condo Vultures® Foreclosure Database™.The most expensive foreclosure action filed in May was against a waterfront single-family house with an outstanding loan amount of $4.3 million. A few doors down a bank

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-75258573462852141402009-05-29T08:02:00.005-04:002009-05-29T08:05:25.549-04:00

Raul Valdes-Fauli, the Miami-Dade County president and chief executive officer of CNL Bank, has confirmed his participation on the upcoming Condo Vultures® panel discussion examining rental rate trends and the quest for double-digit cap rates on residential investment properties.Valdes-Fauli is a veteran commercial lender in South Florida who previously worked at Colonial Bank and the former

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-79057253808320148122009-05-27T09:43:00.003-04:002009-05-27T09:55:03.477-04:00

BY ERIK BOJNANSKYSpecial CorrespondentCondoVultures.comArmed with an $8,000 federal tax credit and knowledge of current events, first time home buyers are seeking bargains in the form of foreclosed properties.However, home buyers should be careful when considering buying a foreclosed property."Just because it is [banked owned] doesn't mean it is the best deal for them [potential buyers]," said

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-55877373822593179552009-05-26T10:35:00.006-04:002009-05-26T11:00:32.549-04:00

South Florida's residential resale inventory has dropped 21 percent and pending sales have spiked nearly 66 percent in the last six months in Miami-Dade, Broward, and Palm Beach counties, according to a new report by Condo Vultures® LLC.There were 84,962 condominium units, townhouses, and single-family houses available for resale on Monday, May 25, compared to 107,527 residences listed for resale

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-81503543357494110962009-05-23T16:08:00.003-04:002009-05-23T16:11:56.012-04:00

The Federal Deposit Insurance Corp., which guarantees bank accounts up to $250,000, lost nearly $5.2 billion last week with the failure of a Florida savings institution and two Illinois banks.Last week's bank failures push the total losses incurred by the FDIC in the first five months of 2009 to more than $10.6 billion. In all of 2008, the FDIC lost between $10.4 billion and $14.9 billion,

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-52539393556556804322009-05-22T09:49:00.002-04:002009-05-22T10:05:29.207-04:00

BY JIM FREERCondoVultures.comFederal regulators late Thursday afternoon seized Coral Gables-based BankUnited, FSB, the largest bank based in Florida, and sold it to a newly formed savings bank with the name, BankUnited.BankUnited’s new ownership is a consortium of investors that includes John Kanas, a veteran New York banker who will head its operations beginning Friday, May 22, and New

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-8579865361744791632009-05-21T10:03:00.003-04:002009-05-21T10:07:08.151-04:00

Jack McCabe, a national real estate consultant who early on predicted Florida's boom and bust, has confirmed his participation on the upcoming Condo Vultures® panel discussion examining South Florida rental rate trends and the never-ending quest for double-digit cap rates on residential investment properties.McCabe, president of McCabe Research & Consulting in Deerfield Beach, Fla., is a real

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-57158174740795520732009-05-20T10:40:00.002-04:002009-05-20T10:44:38.026-04:00

BY JIM FREERSpecial CorrespondentThe Federal Deposit Insurance Corp. has set next month as the target date to launch its program where banks will sell pools of problem loans to partnerships of private investors and the U.S. Department of the Treasury.The regulators hope that participating banks will be able to put more focus on lending, including money from loan sales, and spend less time and

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-42266768727368799692009-05-19T11:04:00.002-04:002009-05-19T11:06:47.528-04:00

South Florida residential pending resales spiked 3.5 percent in the last week to 15,191 existing contracts in Miami-Dade, Broward, and Palm Beach counties, according to a new report from Condo Vultures® LLC.Pending sales in Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, surged 4.3 percent to 5,820 deals on a week-over-week basis ending May 18, according to

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-50929892348094154632009-05-16T09:27:00.002-04:002009-05-16T09:30:54.400-04:00

National real estate consultant Jack McCabe, one of the first analysts to predict South Florida’s housing bubble and bust, projects that the Florida housing market is within a year of hitting bottom.McCabe, president and chief executive of McCabe Research & Consulting LLC in Deerfield Beach, Fla., estimates residential values are within 15 percent of their lowest levels, and he expects the

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-90150067543752279372009-05-13T09:50:00.002-04:002009-05-13T09:53:33.271-04:00

Condominium owners in Greater Downtown Miami can expect to see their assessed real estate values for property tax purposes drop by as much as 40 percent in the upcoming year based on early indications from Miami-Dade County Property Appraiser Pedro J. Garcia.Garcia's office is currently assessing the value of every property in the county for 2008 property tax purposes, which are in arrears. Once

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-87915021635532823222009-05-12T08:43:00.003-04:002009-05-12T08:57:54.850-04:00

The number of South Florida residential properties available for resale fell by 1.1 percent in the last week while the number of pending sales in the tri-county region jumped by 2 percent, according to a new report from Condo Vultures® LLC.There are now 86,812 single-family houses, townhouses, and condominium units for resale as of May 11, down from 87,793 residential properties on May 4. Pending

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-78294639388622513862009-05-10T13:05:00.004-04:002009-05-11T20:06:32.565-04:00

Federal regulators are staffing up, leasing office space, and creating a management structure in preparation to seize an undisclosed number of struggling banks in Florida and the Southeastern United States.The Federal Deposit Insurance Corp., which guarantees deposits of $250,000 at the nation's banks, plans to open a satellite office to be used by up to 500 people in the northeast Florida city

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-54401631388223921832009-05-05T10:31:00.007-04:002009-05-11T20:06:43.373-04:00

The number of residential resale contracts executed in South Florida in the last week of the winter tourism season grew by the tiniest of amounts, causing fear that buying activity may be stalling, according to a new report from Condo Vultures® LLC.Pending contracts on single-family houses in the tricounty region of Miami-Dade, Broward, and Palm Beach counties were up by 0.4 percent on May 4 on a

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-17245155814085048422009-05-03T13:49:00.004-04:002009-05-11T20:07:08.283-04:00

Federal regulators shut three more institutions on May 1, increasing the total estimated losses related to failed bank in 2009 to more than $5 billion, according to a report by Condo Vultures® LLC.In 2008, regulators shut 25 institutions that resulted in total losses of between $10.4 billion and $14.9 billion, according to the report based on data from the Federal Deposit Insurance Corp."Our

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-71147214564435581982009-05-02T13:04:00.005-04:002009-05-11T20:07:35.769-04:00

BY ERIK BOJNANSKYSpecial CorrespondentCondoVultures.comSomewhere within President Barack Obama's $820 billion stimulus plan is an $8,000 tax credit for first-time home buyers.The way it works is this: Those who make less than $75,000 a year, or married couples making less than $150,000 a year, who haven't purchased a home in the last three years can qualify for an $8,000 credit come tax day if

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-52581113908615387762009-04-28T09:22:00.004-04:002009-05-11T20:07:45.698-04:00

Trying to get a better understanding about the current state of Miami's condominium market?Not sure if this is the time to buy or continue to rent? Many of the answers to these questions and others will be discussed tonight, April 28, at a seminar and networking event hosted by Condo Vultures® LLC, a Bal Harbour, Fla.-based real estate consultancy, from 5.30 pm to 8 pm at the Doubletree Grand

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-64328328116492743282009-04-27T13:24:00.003-04:002009-05-11T20:07:56.900-04:00

South Florida's residential real estate market has less than 90,000 single-family houses, condominium units, and townhouses for resale, a drop of 16.6 percent since November, according to a new housing inventory report from Condo Vultures® LLC.The number of available resales in the tricounty South Florida area of Miami-Dade, Broward, and Palm Beach counties dropped by 0.8 percent, or 708

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-9506585508165939192009-04-25T14:32:00.003-04:002009-05-11T20:08:09.055-04:00

Miami Beach's exclusive South of Fifth neighborhood in South Beach isn't even immune from the foreclosure epidemic hitting South Florida.Lenders since January have initiated foreclose proceedings worth a combined $7.4 million against five luxury Miami Beach condominium units in the exclusive South of Fifth neighborhood of the barrier island city, according to a new report from Condo Vultures® LLC

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-69912173700909244282009-04-23T10:42:00.006-04:002009-05-11T20:08:18.482-04:00

Pending sales for South Florida condominium units, townhouses, and single-family houses surged by more than 4 percent in the last week, reaching 14,183 existing contracts, according to a new report from Condo Vultures® LLC.In a seven-day period ending April 20, nearly 600 residential properties on the market in Miami-Dade, Broward, and Palm Beach counties changed in status from "available" to "

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-14334692639443788902009-04-20T00:04:00.005-04:002009-05-11T20:08:39.348-04:00

More than 27,000 condos, townhouses, single-family houses are actively available for rent in South Florida at a median asking price of $1.25 per square foot per month, according to a new report from Condo Vultures® LLC.The attractive rental prices have spurred strong leasing activity at an average of 110 residences per day since January in the tri-county South Florida region of Miami-Dade,

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-28241529910166461982009-04-17T09:54:00.002-04:002009-05-11T20:08:49.524-04:00

Banks repossessed through foreclosure more than 7,300 properties in the tri-county South Florida region in the first three months of 2009, representing a 54 percent increase over the number of properties taken back in 2008, according to a new report from Condo Vultures® LLC.Lenders took ownership of a combined 2,355 properties in January, 2,432 properties in February, and 2,524 properties in

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-9799717746677705242009-04-14T07:53:00.004-04:002009-05-11T20:09:12.110-04:00

Nearly 1,000 more residential properties came off the market than went on in South Florida in the last seven days, dragging the total resale inventory down 1 percent to 91,000 condos, townhouses, and single-family houses, according to a new report from Condo Vultures® LLC.The decrease in residential inventory in Miami-Dade, Broward, and Palm Beach counties means there are now 91,820 properties on

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-91749142014653323972009-04-10T10:22:00.004-04:002009-05-11T20:09:32.024-04:00

South Florida foreclosure actions jumped by 33 percent in the first quarter to 23,672 filings in Miami-Dade, Broward, and Palm Beach counties, according to a new report from the Condo Vultures® Foreclosure Database™.An average of 263 Lis Pendens and/or Notices of Default were filed each day in South Florida in the first three months of this year. In first quarter of 2008, there were 17,820

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-48603572346903126142009-04-08T23:24:00.004-04:002009-05-11T20:09:43.194-04:00

The number of single-family houses, condominium units, and townhouses on the market in South Florida decreased by 1.8 percent on a week-over-week basis ending April 6, according to a new report from Condo Vultures® LLC.Miami-Dade, Broward, and Palm Beach counties have a combined 92,792 resale residential properties on the market compared to 94,526 a week earlier ending March 30. A fortnight ago

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-81047933876176124852009-04-03T11:14:00.005-04:002009-05-11T20:10:08.007-04:00

More than 132,000 South Florida foreclosure filings and counting are now available in a realtime, searchable database created by the real estate consultancy Condo Vultures® LLC.The Foreclosure Database™ provides the most up-to-date list of Lis Pendens and/or Notices of Default initiated in the volatile real estate markets of Miami-Dade, Broward, and Palm Beach counties.With practically every one

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-89101295072085772372009-04-02T09:44:00.004-04:002009-05-11T20:10:31.294-04:00

Up to 36,000 single-family houses in Florida and 100,000 homes nationwide are estimated to contain the sulfur-smelling, metal tarnishing, appliance ruining, wire corroding, Chinese dry wall, according to the South Florida Sun-Sentinel.No estimates have yet been made public on the number of condominiums units - where a typical project will have 300 to 500 residences a single tower - built out in

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-30968834409717534382009-03-31T10:20:00.004-04:002009-05-11T20:11:04.859-04:00

Buyers paid a combined $23 million in March for six waterfront condominium units located on the Barrier Island just east of Downtown Miami, according to a new condo report from Condo Vultures® LLC.There were four deals worth $13.2 million that occurred in Miami Beach, and two transactions worth $10 million that closed in Sunny Isles Beach, according to the condo report."Investors seem to be

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-27869854786191274732009-03-30T11:24:00.004-04:002009-05-11T20:11:16.538-04:00

As the South Florida winter tourism season enters its last month, buying activity in the residential real estate markets of Miami-Dade, Broward, and Palm Beach counties is only intensifying.South Florida's residential resale inventory of condominium units, townhouses, and single-family houses dropped by nearly 1 percent in the last week to the 94,526 properties on March 30 compared to 95,409

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-43808334351298629242009-03-27T09:32:00.005-04:002009-05-11T20:11:28.746-04:00

A new police force could soon be deputized to monitor the operations of thousands of Florida condominium associations, some of which are victims of fraud.Florida State Rep. Julio Robaina, R-Miami, and his counterpart Florida State Sen. Rudy Garcia, R-Hialeah, have filed companion bills in the state legislature to create a four-person police force to be based in Fort Lauderdale to "investigate,

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-29819883713000102892009-03-24T10:55:00.002-04:002009-05-11T20:12:14.552-04:00

South Florida's residential inventory has slipped by 11.3 percent since Thanksgiving week of Nov. 24 while the number of pending sales during the same period has increased by 35.2 percent, according to a new report by Condo Vultures® LLC.South Florida now has 95,409 residential resale properties on the market in Miami-Dade, Broward, and Palm Beach counties as of March 23 compared to 107,527

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-79820928860636311102009-03-18T10:04:00.006-04:002009-05-11T20:13:30.171-04:00

The Related Group is faced with $678.5 million of construction loans coming due on the massive three-tower ICON Brickell condo and condo-hotel project within the next eight months, according to the South Florida Business Journal.A $502 million construction loan on two of the three towers in the ICON Brickell complex is scheduled to come due on June 18. Under the terms of the loan with HSBC Realty

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-25332863480074199762009-03-16T23:41:00.002-04:002009-03-16T23:44:49.659-04:00

As the nation's financial stocks were hitting record lows on Wall Street, buyers flocked to South Florida residential real estate, sending the number of pending sales surging 4.2 percent in the last seven days ending March 16, according to a new report from Condo Vultures® LLC.Buyers entered into 497 contracts on resale condominium units, townhouses, and single-family houses in Miami-Dade,

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-72812097006631328312009-03-12T09:00:00.003-04:002009-05-11T20:12:54.935-04:00

Miami's great condominium crash of the 21st Century is the subject of a new 350-plus page eBook scheduled for release in April by Condo Vultures® LLC.The soon-to-be-published eBook provides a running chronicle - in words and photos - of Greater Miami's condominium boom and bust since 2006.This eBook is a compilation of more than 100 chapters written by a variety of South Florida industry

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-9222205239460555982009-03-10T09:45:00.004-04:002009-05-11T20:13:50.084-04:00

Spooked by the violent swings of the U.S. stock market combined with plummeting real estate prices, buyers moved aggressively in the last week to purchase single-family houses in Greater Miami, according to a new report from Condo Vultures® LLC.The number of single-family houses under contract in Miami-Dade County increased 3 percent in the last seven-day period ending March 9, according to the

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-90503767218976230092009-03-05T10:37:00.002-05:002009-05-11T20:13:15.279-04:00

The proposed seven-story Biscayne Lofts project located just north of Downtown Miami is being foreclosed.TotalBank, a Miami-based bank with assets of $2.1 billion, filed the initial foreclosure paperwork, known as Lis Pendens, against the project's owner Biscayne Lofts Ltd. on March 2 in Miami-Dade Circuit Court.Biscayne Lofts was proposed to be a new 15-unit project with 16,212 square feet built

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-74580727865249485402009-03-03T16:31:00.005-05:002009-03-03T16:47:47.135-05:00

A Miami private equity group located on Brickell Avenue has purchased the existing land loan on the proposed but never started 47-story Paramount Beach luxury oceanfront condominium in Sunny Isles Beach.Sunny Isles Property Holdings LLC, with managing member Carlos J. Mattos, acquired the loan on Feb. 17 from iStar FM Loans for an undisclosed price. The original loan was made in November 2006 for

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-53874837568945391812009-03-03T00:30:00.003-05:002009-05-11T20:14:35.715-04:00

South Florida's residential resale inventory has fallen 1.3 percent in the last week to 96,841 single-family houses, townhouses, and condominium units in the tri-county region of Miami-Dade, Broward, and Palm Beach counties, according to a new report from Condo Vultures® LLC.A month ago on Feb. 2, there were 99,033 residences for sale in the region, and three months ago on Dec. 1 there were

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-17183873082159916292009-02-28T12:15:00.007-05:002009-02-28T12:29:52.543-05:00

Regulators shut two more banks - one in Nevada and another in Illinois - on Friday, increasing the total number of failed institutions to 10 for the month of February and 16 for the year.Security Savings Bank in Greater Las Vegas with assets of $238 million and Heritage Community Bank outside of Chicago with assets of $233 million were seized by regulators on Feb. 27.Losses from these latest two

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-78969255904727619482009-02-27T11:30:00.001-05:002009-02-27T11:33:54.346-05:00

A pair of veteran Miami real estate investors obtained a 145-unit apartment complex near the popular Dadeland Mall in Kendall with development rights for more than 700 new units in an all-cash deal that works out to a more than 60 percent discount.Les Chalet Investments LLC, with Tomas Cabrerizo and Maurice Cayon, has subsequently obtained a $7.2 million mortgage on the five-acre property at 8215

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-78880629715535007782009-02-23T12:21:00.001-05:002009-02-23T12:22:24.853-05:00

Buyers are scurrying to purchase resale single-family houses, condominium units, and townhouses in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties despite the lack of financing available in the market, according to a new report from Condo Vultures® LLC.Pending residential resales in South Florida jumped 3.5 percent in the last week to 11,397 contracts as of

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-11153119953998359082009-02-18T10:47:00.000-05:002009-02-18T10:49:15.825-05:00

The site of the proposed 68-story Paramount Park condominium tower in Downtown Miami is being foreclosed by a Kansas lender that is owed $21.2 million, according to Miami-Dade County Clerk of the Court records.Hillcrest Bank in Overland Park, Kan., has filed a Lis Pendens action - the first step in the long foreclosure process - against the owner of the 72,450-square-foot lot at 700 Biscayne

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-84694121825814856452009-02-17T10:34:00.001-05:002009-02-17T10:38:05.591-05:00

South Florida experienced a 5.2 percent jump in pending sales during the last week as the tri-county region's available inventory for resale continues to decrease, according to a new report from Condo Vultures® LLC.As of Feb. 16, buyers had 11,012 single-family houses, condominium units, and townhouses under contract in Miami-Dade, Broward, and Palm Beach counties, which is up 541 contracts from

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-11486563225502761192009-02-15T14:46:00.001-05:002009-02-15T14:49:08.509-05:00

A European bulk buyer has purchased 141 units in the troubled Whitney condominium for $24 million, or a 45 percent discount off of the existing $43.9 million loan amount, according to the Palm Beach Daily Business Review.ABG Sundall Collier, a publicly traded Scandanavian investment firm based in Oslo, Norway, reportedly closed the deal on Feb. 12 although the unit deeds have not yet been

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-40292042569320804972009-02-14T18:34:00.001-05:002009-02-14T18:36:34.456-05:00

Regulators seized four banks with combined assets of $1.01 billion and deposits of $808 million in Florida, Illinois, Nebraska, and Oregon on Friday, Feb. 13, in moves that will generate estimated losses of $341 million for the Federal Deposit Insurance Corp.This latest round of bank failures is comprised of Florida's Riverside Bank of the Gulf Coast with assets of $539 million and deposits of

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-35122129892192815272009-02-11T09:49:00.001-05:002009-02-11T09:52:06.539-05:00

Regulators have closed 34 banks in the United States in the last 13 months, yet somehow only five of the financial institutions to fail have been based in the devastated real estate markets of Florida and Nevada, according to a new report from Condo Vultures® LLC based on FDIC data.Florida has had only three institutions fail - all outside of South Florida - while two Nevada banks were seized by

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-14368866969185274102009-02-10T11:06:00.002-05:002009-02-10T11:09:30.596-05:00

A New York development group has received final governmental approval to construct a 24-story luxury condominium on a 2.5 acre-site in downtown West Palm Beach that overlooks the Intracoastal Waterway.Trinity Development Group LLC's project, the 84-unit Modern condominium at 1515 S. Flagler Drive, was approved Monday with a 3-2 vote by the West Palm Beach city commission, according to the Palm

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-48605727404530882009-02-09T10:51:00.002-05:002009-02-09T10:52:33.705-05:00

Condo Vultures® is hosting an office warming party between 6 pm and 9 pm Thursday, Feb. 12, in our newly expanded location at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154.Out-of-town visitors attending the Miami International Boat Show and the Coconut Grove Arts Festival are encouraged to stop by to meet the members of our organization and sample a variety of wines, cheeses, and

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-42495942972808736722009-02-09T10:48:00.000-05:002009-02-09T10:50:26.436-05:00

South Florida's residential real estate inventory dropped for the third consecutive week as the number of pending sales increased during the same period, according to a new report from Condo Vultures® LLC.South Florida has 98,748 single-family houses, condominium units, and townhouses on the market as of Feb. 9, down -0.3 percent from the 99,033 residences on the market Feb. 2 and the 100,131

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-77437031520150311282009-02-03T10:22:00.001-05:002009-02-03T10:24:33.855-05:00

South Florida's housing resale inventory slipped -1.1 percent in the last week to a total of 99,033 residential properties while pending sales in the tri-county region increased 3.6 percent to 10,363 contracts, according to a new report from Condo Vultures® LLC using data from the Florida Association of Realtors.This is the first time in recent memory that the number of condos, townhouses, and

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-65195309034395184482009-01-29T23:50:00.001-05:002009-01-29T23:52:38.024-05:00

Nearly 2.7 million square feet of condos, townhouses and single-family homes in coastal South Florida sold in 2008 at an average discount of -43 percent, or -$323,784 per residence, according to a new report from Condo Vultures® LLC.There were 1,717 properties east of I-95 in Miami-Dade, Broward, and Palm Beach counties in the Vultures Database™ that traded last year for a combined price of $775

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-46008576690638467012009-01-28T08:27:00.000-05:002009-01-28T08:28:46.954-05:00

Residential real estate resales in South Florida dropped by -4 percent in 2008 to 34,915 transactions compared to 36,366 in 2007, according to a new report from Condo Vultures® LLC using data from the Florida Association of Realtors.The Greater Miami metropolitan area experienced a -19 percent drop in transaction as 8,959 residential properties closed in 2008 compared to 11,061 in 2007, according

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-45980976016178346972009-01-26T10:44:00.003-05:002009-01-26T11:06:17.174-05:00

For the first time in recent memory, the number of single-family houses, condominiums, and townhouses on the resale market in South Florida could drop below 100,000 residences, according to a new report from Condo Vultures® LLC.Simultaneously, the number of pending sales has broken the important psychological benchmark of 10,000 residences – 10,007 to be exact - under contract and scheduled to

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-65965306278275839132009-01-21T22:44:00.000-05:002009-01-21T22:46:59.003-05:00

Fearing widespread mortgage default on $1.1 trillion of investor-owned properties, JP Morgan Chase has launched a new loan modification program aimed at keeping landlords paying their debt service.JP Morgan Chase’s loan modification program – dubbed The Way Forward – piggybacks off the financial institution’s efforts implemented late last year geared toward homeowners who are primary users. "Over

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-3914423498998912552009-01-15T09:33:00.002-05:002009-01-15T09:37:35.309-05:00

Fannie Mae, the public-private mortgage giant bailed out by the U.S. government in 2008, is going into the short-term rental business.Fannie Mae has unveiled a new National REO Rental Policy that now permits renters – regardless of credit score or payment history – to lease homes that have been repossessed by the mortgage giant.“Overwhelmed with thousands of bank-owned properties in places such

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-58034682643131705412009-01-11T13:00:00.006-05:002009-01-11T13:29:53.507-05:00

A South Florida private equity fund has paid $277 per square foot for 101 units in the Related Group’s Harbour House oceanfront condominium conversion in wealthy enclave of Bal Harbour, Fla.A Florida entity called HH Condominium Investments LLC, with Thomas F. Daly as president and former Miami Beach City Manager Christina M. Cuervo as the registered agent, paid $27 million for an average of

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-58875976236194286952009-01-10T12:09:00.004-05:002009-01-10T12:26:06.299-05:00

A Pennsylvania businessman has paid $165 per square foot – at least $15 per foot below the construction replacement cost - for 26 units in the new but struggling Edge condominium in West Palm Beach, according to the Palm Beach Post.The highest closing price in the tower was $475 per square foot in 2007, meaning the buyer, Ed Dunlap, chairman of the Canonsburg, Pa.-based roofing company CentiMark,

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-34199014866374578512009-01-07T10:05:00.001-05:002009-01-07T10:08:18.900-05:00

An all-cash, bulk buyer that paid $36 million for nearly 150 units in a new Downtown Miami condominium tower last summer has just secured a $21 million mortgage on the remaining high-rise residences that haven’t been resold, according to the Wall Street Journal.An opportunity fund established by Miami developer Jorge Perez’s Related Group and Philadelphia private equity group Lubert-Adler

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-22704117338490685362009-01-06T11:43:00.002-05:002009-01-06T12:16:19.356-05:00

The lender of the Whitney condominium in West Palm Beach has taken back the remaining unsold units in the recently constructed nine-story residential tower, according to the South Florida Business Journal.New York-based iStar Financial has taken back 140 unsold units from the Miami developer Evernia Properties, which still owes $43.9 million of a $52.5 million construction loan taken out in 2004.

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-91585754697465253362008-12-25T13:27:00.002-05:002008-12-25T13:32:00.674-05:00

Sales of South Florida condominium units and single-family houses jumped on a year-over-year basis by nearly 17 percent in the month of November as buyers picked off bank-owned properties, foreclosures, and deeply discounted residences.Buyers closed on 1,623 condos and houses in Miami-Dade and Broward counties in November 2008 compared to 1,391 transactions in November 2007, according to the

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-45568204187590177172008-12-22T09:38:00.002-05:002008-12-22T09:41:39.754-05:00

Single-family houses in coastal South Florida have dropped more in asking price than condominiums and townhouses through the first 11 months of the year, according to the new Vultures Database™ Report for November from Condo Vultures® LLC.Single-family houses in Miami-Dade, Broward, and Palm Beach counties are down an average of -39 percent, or -$350,874 each, for a total discount of -$523

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-30553261640552959272008-12-14T13:11:00.001-05:002008-12-14T17:13:48.821-05:00

The developers of the proposed Ritz-Carlton Club condominium resort and timeshare in Miami Beach’s South Beach neighborhood have cancelled the three-tower luxury oceanfront project, blaming the decision on a lack of available financing, according to the Miami Herald.A Miami-based entity called 2901 Beach Ventures LLLP, which includes the Lowenstein family’s Lionstone Development that already

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-32640611099218481332008-12-09T09:18:00.008-05:002008-12-14T17:14:21.160-05:00

Concerns are rising about whether a $190 million land deal for 10 acres in Greater Downtown Miami near the Adrienne Arsht Center For The Performing Arts will close before the end of the year contract deadline.The Terra Group, the Miami condo developer that built the nearby Quantum on the Bay and 900 Biscayne towers, is under pressure to close by Dec. 31 on the undeveloped land east of Biscayne

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-22043973461034836472008-12-08T16:38:00.005-05:002008-12-14T17:15:01.300-05:00

For the second week in a row, the number of available residential properties in South Florida has dropped by several hundred units as the number of new pending sales has increased by a smaller amount, according to a new report by Condo Vultures® LLC.The number of condos, townhouses, and single-family houses actively for sale fell by -0.5 percent on a week-over-week basis to 105,873 properties on

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-9656554733608515182008-12-05T10:28:00.007-05:002008-12-14T17:15:23.912-05:00

The developer of the newly delivered 384-unit Trump Royale oceanfront condo in Sunny Isles Beach, Fla., has established a leasing program where individuals can rent to own a new luxury unit for a fraction of the carrying costs.“Rent with an option to buy and apply your rental towards your purchase” is the pitch of a new campaign by Trump Dezer Development to fill up vacant units.Trump Dezer

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-1618212390259123672008-12-04T09:55:00.003-05:002008-12-04T10:21:33.375-05:00

Construction lender Wachovia Bank has filed a foreclosure lawsuit on the remaining 285 units in the new 42-story Wind by Neo condominium tower in Greater Downtown Miami, according to Miami-Dade County records.The suit names as defendants the condo tower’s developer, Neo Epoch 2 and its members Lissette M. Calderon, Maria T. Calderon, and Frank Guerra, along with nearly two dozen contractors who

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-19264489488556125882008-12-02T10:32:00.001-05:002008-12-02T10:34:17.955-05:00

Greater Orlando has nearly 156,000 vacant residential lots sitting idle in central Florida due to the state’s dramatic housing crash.Many of the 155,835 vacant lots are located in partially completed new subdivisions in the Central Florida counties of Orange, Osceola, Seminole, Volusia and Lake, according to the Orlando Sentinel.“The backlog of vacant lots is especially evident in more rural

Condo Vultures®noreply@blogger.com0tag:blogger.com,1999:blog-5538303992147875601.post-81279452134373078192008-12-01T18:35:00.001-05:002008-12-01T18:38:55.158-05:00

All foreclosures initiated by Florida banks have been halted for the next 45 days under an agreement reached between the state’s financial industry and the state’s Gov. Charlie Crist. The statewide initiative will pertain to new foreclosure actions, not the 444,000 property owners who already are in the process of losing their properties to Florida-based banks, according to the Miami Herald.''

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