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 million through Nov. 30.
Condominiums and townhouses, by comparison, are down an average of -37 percent, or -$202,385 each, for a total discount of -$669 million.
The average discount for all residential product in the Vultures Database™ is -38 percent, or -$248,526 per property, for a total discount of -$1.192 billion through the first 11 months of the year, according to the Bal Harbour, Fla.-based consultancy that produced the report.
“South Florida’s real estate crash isn’t limited only to condominiums and townhouses,” said Peter Zalewski, a principal with Condo Vultures® LLC. “Steep discounts are available on single-family houses, but the choices are much more limited as condominiums account for a majority of the distressed residential properties in the Vultures Database™.”
Single-family houses account for 31 percent, or 1,490 homes, of the total inventory of 4,795 residential properties in the Vultures Database™. Condominiums and townhouses account for the remaining 3,305 properties, or 69 percent, being tracked by Condo Vultures®.
Houses, condominiums, and townhouses are added to the Vultures Database™ when a property is located east of Interstate 95 in the tri-county South Florida area and has fallen in asking price by at least 10 percent or $100,000.
For the year, there have been 1,457 residential properties, including 86 in November, in the Vultures Database™ that have sold at an average discount of -42 percent, or -$321,652 each, according to the report.
Miami-Dade County, where the cities of Aventura, Sunny Isles Beach, and Coral Gables are located, is experiencing the deepest discount in the tri-county area on single-family home prices in the Vultures Database™. Prices in Miami-Dade have dropped a combined -$372 million, or -$358,404 per residence.
Broward County, where the cities of Fort Lauderdale, Hollywood, and Pompano Beach are located, has realized a combined decrease in prices of -$140 million, or -$358,997 per house.
In Palm Beach County, the total discount on single-family houses in the Vultures Database™ is only -$10 million, or -$170,683 per home.
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 peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2008, Condo Vultures® LLC
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