The total discount in asking prices for South Florida properties in the Vultures Database™ has strengthened by nearly 9 percent to $918 million from a record high of $1.004 billion in December.
The discount is the primarily the result of a methodological change in the way the data for the Vultures Database™ is compiled.
As of January, the Vultures Database™ will only be comprised of South Florida properties east of Interstate-95 / U.S. 1 from South Miami north to West Palm Beach that have been reduced in asking price by 10 percent or $100,000. Previously, properties were also added to the database if and when they were on the market for at least 100 days.
The change in methodology relating to days on the market has led to a 12 percent drop in the number of properties in the Vultures Database™. As of January 31, there were 4,317 properties in the database compared to 4,915 on December 31, 2007 for a net decrease of 598 units.
The Vultures Database™ Report for February tracking January's statistics is scheduled to be released on Thursday, Feb. 14.
To receive an advance copy of the report, please be sure to register for our weekly Market Intelligence Report service.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at mailto:atpeter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com.
Copyright © 2008, Condo Vultures® LLC
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