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 Downtown Miami's Biscayne Boulevard, according to CondoVultures.com research.
The seller, six corporations controlled by AI Holdings (USA) Corp with Tamir Kazaz as chief financial officer, paid a combined $32.3 million, or $108 per square foot, for the land, which was acquired between August 1999 and March 2006, according to Miami-Dade County records.
The powerful Africa Israel fund controls AI Holdings (USA) Corp, according to a notarized document recorded with the deed.
"The purchase price works out to a gross premium of 21 percent for the seller minus expenses, and there have been many of them," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "For the buyer, the purchase price is 8 percent less than today's assessed value of $41.6 million, or $139 per square foot, for property tax purposes."
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Showing posts with label deep discounts. Show all posts
Showing posts with label deep discounts. Show all posts
Wednesday, September 23, 2009
Sunday, July 26, 2009
Bulk Deal Closes At 94% Discount In South Florida
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 square feet of saleable space in the 124-unit Regent Hotel tower located on the west side of the 26-story, trophy complex in exclusive Bal Harbour.
Bankrupt residential development company WCI Communities, Inc., based in Bonita Springs, Fla., was the seller of the condo-hotel with 106,051 saleable square feet. WCI's chief restructuring officer Jonathan Pertchik signed the deed.
"Nearly 60 percent of the One Bal Harbour condo-hotel project closed at an average price of $1 million per unit before Elcom Condominium stole the remaining 40 percent of this high-end project for $51,000 per unit," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Condo-hotels are not for everyone but at $63 per square foot one has to think there are buyers for this quality of product at that price."
This is the eighth bulk deal - and second in Bal Harbour - of new or significantly improved residential product to close since July 2008, according to the Condo Vultures® Bulk Deals Database. Four deals have closed in Greater Downtown Miami and an additional two transactions have closed in West Palm Beach.
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Elcom Condominium LLC with Jorge E. Arevalo and Thomas D. Sullivan in South Miami paid $2.6 million for 41,047 square feet of saleable space in the 124-unit Regent Hotel tower located on the west side of the 26-story, trophy complex in exclusive Bal Harbour.
Bankrupt residential development company WCI Communities, Inc., based in Bonita Springs, Fla., was the seller of the condo-hotel with 106,051 saleable square feet. WCI's chief restructuring officer Jonathan Pertchik signed the deed.
"Nearly 60 percent of the One Bal Harbour condo-hotel project closed at an average price of $1 million per unit before Elcom Condominium stole the remaining 40 percent of this high-end project for $51,000 per unit," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Condo-hotels are not for everyone but at $63 per square foot one has to think there are buyers for this quality of product at that price."
This is the eighth bulk deal - and second in Bal Harbour - of new or significantly improved residential product to close since July 2008, according to the Condo Vultures® Bulk Deals Database. Four deals have closed in Greater Downtown Miami and an additional two transactions have closed in West Palm Beach.
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Tuesday, June 30, 2009
South Florida Average Discount Reaches 54%
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 region of Miami-Dade, Broward, and Palm Beach counties in May for a daily average of 7.5 transactions. In April, buyers closed an average of 7.0 properties per day. The running average in the first five months of 2009 is 5.9 closings per day on properties in the Vultures Database™, according to the report.
"Discount investors and first-time home buyers are having a noticeable impact on the coastal residential real estate market in South Florida," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Half of the transactions involving properties in the Vultures Database™ have closed in the last two months. We anticipate the pace will continue at the same level, if not stronger, throughout the summer if conditions remains the same."
In its third year of monitoring South Florida discounts, the Vultures Database™ is comprised of nearly 3,800 condos, townhouses, and single-family houses actively for sale east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties that have been reduced in price by at least 10 percent and/or $100,000.
Discounts are proving to be the single-most important factor in determining whether a property is sold or not. With conventional financing difficult to obtain, the majority of today's buyers are selectively purchasing with cash or the assistance of government-backed programs, such as the Obama $8,000 tax credit for first-time home buyers.
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Buyers closed 232 single-family houses, condos, and townhouses in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties in May for a daily average of 7.5 transactions. In April, buyers closed an average of 7.0 properties per day. The running average in the first five months of 2009 is 5.9 closings per day on properties in the Vultures Database™, according to the report.
"Discount investors and first-time home buyers are having a noticeable impact on the coastal residential real estate market in South Florida," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Half of the transactions involving properties in the Vultures Database™ have closed in the last two months. We anticipate the pace will continue at the same level, if not stronger, throughout the summer if conditions remains the same."
In its third year of monitoring South Florida discounts, the Vultures Database™ is comprised of nearly 3,800 condos, townhouses, and single-family houses actively for sale east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties that have been reduced in price by at least 10 percent and/or $100,000.
Discounts are proving to be the single-most important factor in determining whether a property is sold or not. With conventional financing difficult to obtain, the majority of today's buyers are selectively purchasing with cash or the assistance of government-backed programs, such as the Obama $8,000 tax credit for first-time home buyers.
Read More
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Tuesday, June 9, 2009
Condo Resale Inventory Drops Below 50,000 In South Florida
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 condos available. A month ago on May 11, there were 51,581 condos for sale. Back in November, there were 60,928 condos for resale, according to the Condo Vultures® report created using Florida Association of Realtors data.
"Before the South Florida condo market can stabilize, the overall inventory must first be reduced," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "It is significant psychologically for the region to see the condo resale inventory slip below 50,000 units. Going forward, we see the resale inventory being depleted at a more rapid pace in the coastal submarkets of South Florida compared to the western suburbs, which are far removed from the ocean. "
Condos represent 60 percent of the total South Florida residential resale inventory of 82,792 residences as of June 8, according to Condo Vultures®. South Florida's total inventory of condos, townhouses, and single-family houses is down 23 percent, or 24,735, since Thanksgiving week in November when there were 107,527 residences for resale.
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, 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 condos available. A month ago on May 11, there were 51,581 condos for sale. Back in November, there were 60,928 condos for resale, according to the Condo Vultures® report created using Florida Association of Realtors data.
"Before the South Florida condo market can stabilize, the overall inventory must first be reduced," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "It is significant psychologically for the region to see the condo resale inventory slip below 50,000 units. Going forward, we see the resale inventory being depleted at a more rapid pace in the coastal submarkets of South Florida compared to the western suburbs, which are far removed from the ocean. "
Condos represent 60 percent of the total South Florida residential resale inventory of 82,792 residences as of June 8, according to Condo Vultures®. South Florida's total inventory of condos, townhouses, and single-family houses is down 23 percent, or 24,735, since Thanksgiving week in November when there were 107,527 residences for resale.
Read More
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Tuesday, May 19, 2009
Contracts Surge 3.5% In South Florida
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 the report produced using Florida Association of Realtors data.
Pending sales in Palm Beach County, where West Palm Beach, Delray Beach, and Boca Raton are located, increased by 3.7 percent in the same period to 2,691 contracts. Pending sales in Miami-Dade County, where Miami Beach, Coral Gables, and Sunny Isles Beach are located, increased 2.7 percent to 6,680 contracts, according to Condo Vultures®.
"Buyers and sellers are entering into contracts in South Florida at a stepped up pace," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate services company Condo Vultures®. "As properties go under contract, the total available residential resale inventory has consistently decreased. In the last six months, inventory has fallen by more than 20 percent."
South Florida currently has 85,705 condo units, townhouses, and single-family houses available for resale in the tri-county area. The week of Thanksgiving, there were 107,527 residential properties on the market for resale, meaning that available inventory has fallen by 21,822 properties, according to the report.
Broward County has experienced the deepest drop in inventory in the last six months, falling 24.1 percent to 28,039 resale properties. Miami-Dade County has experienced a 21.1 percent drop in inventory to 32,348 properties. Palm Beach County's inventory has dropped by 14.5 percent to 25,318 resale properties.
Condominium units and townhouses represent about 60 percent of the total inventory while single-family houses account for the remaining 40 percent. Back in November, condo units and townhouses represented 57 percent of the inventory, and single-family houses account for 43 percent of the South Florida total, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, 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 the report produced using Florida Association of Realtors data.
Pending sales in Palm Beach County, where West Palm Beach, Delray Beach, and Boca Raton are located, increased by 3.7 percent in the same period to 2,691 contracts. Pending sales in Miami-Dade County, where Miami Beach, Coral Gables, and Sunny Isles Beach are located, increased 2.7 percent to 6,680 contracts, according to Condo Vultures®.
"Buyers and sellers are entering into contracts in South Florida at a stepped up pace," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate services company Condo Vultures®. "As properties go under contract, the total available residential resale inventory has consistently decreased. In the last six months, inventory has fallen by more than 20 percent."
South Florida currently has 85,705 condo units, townhouses, and single-family houses available for resale in the tri-county area. The week of Thanksgiving, there were 107,527 residential properties on the market for resale, meaning that available inventory has fallen by 21,822 properties, according to the report.
Broward County has experienced the deepest drop in inventory in the last six months, falling 24.1 percent to 28,039 resale properties. Miami-Dade County has experienced a 21.1 percent drop in inventory to 32,348 properties. Palm Beach County's inventory has dropped by 14.5 percent to 25,318 resale properties.
Condominium units and townhouses represent about 60 percent of the total inventory while single-family houses account for the remaining 40 percent. Back in November, condo units and townhouses represented 57 percent of the inventory, and single-family houses account for 43 percent of the South Florida total, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Saturday, May 16, 2009
Expert: Florida Housing To Bottom By Mid-2010
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 remaining price drop to occur in the next four quarters.
“I think 2009 is going to be the toughest year of this downturn for the state of Florida,” McCabe said in an exclusive video interview with CondoVultures.com. “I really see next year – about mid-2010 – that, I think, we are finally going to reach the bottom, or what everybody has been calling the bottom.”
The hour-long McCabe video interview where he discusses Florida’s past, present, and future with Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®, is available in its entirety in the White Papers section of CondoVultures.com.McCabe disagrees with some on Wall Street that Florida residential pricing will still fall an additional 35 percent in the upcoming months.
“I don’t think it is going to be that severe,” McCabe said. “I think the worst is behind us, but I still believe we have another 10 to 15 percent drop because of the unemployment and the foreclosures depressing prices, and the amount of inventory we have yet to absorb.”
The bottom may be within McCabe’s sight but he doesn’t expect Florida prices to appreciate in the foreseeable future.
“I don’t think it is going to be a V-shape recovery,” McCabe said. “I think this is going to be more like an L shape [recovery]. We are going to see prices remain along that bottom potentially into 2012 before we see any type of appreciation at all. “When we do, it is going to be more in line with historical trends of about six percent [appreciation] a year. We have a ways to go yet.”
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
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 remaining price drop to occur in the next four quarters.
“I think 2009 is going to be the toughest year of this downturn for the state of Florida,” McCabe said in an exclusive video interview with CondoVultures.com. “I really see next year – about mid-2010 – that, I think, we are finally going to reach the bottom, or what everybody has been calling the bottom.”
The hour-long McCabe video interview where he discusses Florida’s past, present, and future with Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®, is available in its entirety in the White Papers section of CondoVultures.com.McCabe disagrees with some on Wall Street that Florida residential pricing will still fall an additional 35 percent in the upcoming months.
“I don’t think it is going to be that severe,” McCabe said. “I think the worst is behind us, but I still believe we have another 10 to 15 percent drop because of the unemployment and the foreclosures depressing prices, and the amount of inventory we have yet to absorb.”
The bottom may be within McCabe’s sight but he doesn’t expect Florida prices to appreciate in the foreseeable future.
“I don’t think it is going to be a V-shape recovery,” McCabe said. “I think this is going to be more like an L shape [recovery]. We are going to see prices remain along that bottom potentially into 2012 before we see any type of appreciation at all. “When we do, it is going to be more in line with historical trends of about six percent [appreciation] a year. We have a ways to go yet.”
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Tuesday, May 5, 2009
Pending Contracts Stall In South Florida As Winter Tourism Season Ends
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 week-over-week basis, but that increase wasn't enough to overcome a 0.2 percent drop in deals on condominium units and townhouses that weighed down the overall average, according to the Condo Vultures® report compiled using Florida Association of Realtors data.
On May 4, South Florida had 14,397 pending sales, up minimally from 14,378 pending sales a week earlier on April 27. Two week prior on April 20, pending sales totaled 14,183 single-family houses, condos, and townhouses in the region, according to the report.
"All throughout the winter tourism season, pending sales were growing by between 1 percent and 4 percent per week," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "To suddenly see pending sales stall in the last week of April will raise questions in the minds of many industry watchers focused on trying to determine whether the region is nearing a bottom or simply a plateau."
On a product basis, pending sales of single-family houses increased by 0.4 percent to 7,477 on May 4 compared to 7,446 contracts on April 27. Pending sales in Miami-Dade increased by 0.7 percent and in Broward by 0.4 percent. Palm Beach was unchanged, according to the report.
Pending sales on condos and townhouses shrunk by 0.2 percent to 6,920 contracts on May 4 compared to 6,932 deals on April 27. On a county-by-county basis, pending contracts increased by 0.4 percent in Miami-Dade, but fell by 0.8 percent in Broward and 0.3 percent in Palm Beach, according to Condo Vultures®.
As for inventory, the number of single-family homes for resale in South Florida dropped 2.4 percent in the last week to 35,787 homes. The single-family house product is distributed equally in the tri-county area with 34 percent in Miami-Dade and Palm Beach counties each and 32 percent in Broward county.
In just over five months since Thanksgiving week, total single-family house inventory has slipped by 23 percent, or 10,812 houses.
Condominium and townhouse inventory has fallen to 52,006 units, a drop of 1.9 percent in the last week. Miami-Dade has the most condo and townhouse inventory available for resale with 40 percent of the market. Broward is second with 33 percent, and Palm Beach is third with 27 percent.
Since Thanksgiving week in November, total condo and townhouse inventory has fallen by 14.6 percent, or 8,922 units.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, 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 week-over-week basis, but that increase wasn't enough to overcome a 0.2 percent drop in deals on condominium units and townhouses that weighed down the overall average, according to the Condo Vultures® report compiled using Florida Association of Realtors data.
On May 4, South Florida had 14,397 pending sales, up minimally from 14,378 pending sales a week earlier on April 27. Two week prior on April 20, pending sales totaled 14,183 single-family houses, condos, and townhouses in the region, according to the report.
"All throughout the winter tourism season, pending sales were growing by between 1 percent and 4 percent per week," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "To suddenly see pending sales stall in the last week of April will raise questions in the minds of many industry watchers focused on trying to determine whether the region is nearing a bottom or simply a plateau."
On a product basis, pending sales of single-family houses increased by 0.4 percent to 7,477 on May 4 compared to 7,446 contracts on April 27. Pending sales in Miami-Dade increased by 0.7 percent and in Broward by 0.4 percent. Palm Beach was unchanged, according to the report.
Pending sales on condos and townhouses shrunk by 0.2 percent to 6,920 contracts on May 4 compared to 6,932 deals on April 27. On a county-by-county basis, pending contracts increased by 0.4 percent in Miami-Dade, but fell by 0.8 percent in Broward and 0.3 percent in Palm Beach, according to Condo Vultures®.
As for inventory, the number of single-family homes for resale in South Florida dropped 2.4 percent in the last week to 35,787 homes. The single-family house product is distributed equally in the tri-county area with 34 percent in Miami-Dade and Palm Beach counties each and 32 percent in Broward county.
In just over five months since Thanksgiving week, total single-family house inventory has slipped by 23 percent, or 10,812 houses.
Condominium and townhouse inventory has fallen to 52,006 units, a drop of 1.9 percent in the last week. Miami-Dade has the most condo and townhouse inventory available for resale with 40 percent of the market. Broward is second with 33 percent, and Palm Beach is third with 27 percent.
Since Thanksgiving week in November, total condo and townhouse inventory has fallen by 14.6 percent, or 8,922 units.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Friday, April 17, 2009
South Florida REOs Jump 54% In Q1 2009
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 March in Miami-Dade, Broward, and Palm Beach counties. At this pace, more than 29,000 properties would be repossessed in South Florida in 2009, according to the Condo Vultures® report.
"We actually expect the number of REOs to far surpass 30,000 in 2009," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Now that the government and lenders appear to be poised to allow many of the holiday-inspired foreclosure moratoriums to expire, we anticipate an uptick in the number of Lis Pendens and/or Notices of Default filings in the upcoming months."
Surprisingly, Miami-Dade County, considered by many to be the hardest hit real estate market in South Florida, no longer holds the distinction of having the most bank-owned properties in the tri-county region.
Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, wrestled away that distinction from Miami-Dade in 2009 with a 100 percent increase in REOs.
In the first 90 days of 2009, lenders took back 3,341 properties in Broward compared to 2,691 properties in Miami-Dade. In Palm Beach, lenders repossessed 1,279 properties.
By comparison, in the first quarter of 2008 lenders repossessed 2,395 properties in Miami-Dade, 1,671 properties in Broward, and 696 properties in Palm Beach, according to the report.
To repossess a property in South Florida, lenders must first file a Lis Pendens and/or Notice of Default with the circuit court in the county where the residence is located.
The filing initiates what is typically a six to nine month process that costs a lender an estimated $40,000 to $80,000.
The final step of the foreclosure process is a courthouse auction where a lender's financing position is available for purchase by the highest bidder based on a minimum judgment amount set by the court.
Many bidders often times fail to purchase a lender's financing position on a condo, townhouse, or single-family house as the debt owed on the foreclosed property by the borrower far exceeds the amount an investor would be willing to pay in today's distressed market.
It is at this point in the foreclosure process that the court formally transfers a property from the borrower to the lender, creating Real Estate Owned (REO) by a bank.
Once in control of a property, a bank settles all outstanding title issues including past-due condominium maintenance fees before ultimately selling off the REO property at a deep discount.
"REOs offer some of the deepest discounts available in the volatile South Florida real estate market," Zalewski said. "The drawback is, many of these properties are in need of work, whether it is renovating a residence damaged by a frustrated borrower or building out a never-lived-in condo unit. Still, the potential upside is great for those buyers who are willing to put in some sweat equity."
Condo Vultures® Featured On CNBC's Squawk On The Street
CNBC's popular Steals and Deals segment featured Condo Vultures® on April 15 during the financial news network's Squawk On The Street program. The Steals and Deals segment focused on bank-owned condo units in Greater Miami that are now available at discounts as deep as 81 percent.
Miami Condo Trends Subject of Upcoming Seminar
Condo Vultures® is relaunching its seminar series on Tuesday, April 28, at the Doubletree Grand Hotel in Miami with a presentation by real estate consultant and broker Peter Zalewski. The agenda will include a discussion of proprietary research collected by Condo Vultures® regarding the South Florida condo market and the official launch of the firm's recently published eBooks, the the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™. For more information about attending, please visit the Upcoming Events section of CondoVultures.com.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Lenders took ownership of a combined 2,355 properties in January, 2,432 properties in February, and 2,524 properties in March in Miami-Dade, Broward, and Palm Beach counties. At this pace, more than 29,000 properties would be repossessed in South Florida in 2009, according to the Condo Vultures® report.
"We actually expect the number of REOs to far surpass 30,000 in 2009," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Now that the government and lenders appear to be poised to allow many of the holiday-inspired foreclosure moratoriums to expire, we anticipate an uptick in the number of Lis Pendens and/or Notices of Default filings in the upcoming months."
Surprisingly, Miami-Dade County, considered by many to be the hardest hit real estate market in South Florida, no longer holds the distinction of having the most bank-owned properties in the tri-county region.
Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, wrestled away that distinction from Miami-Dade in 2009 with a 100 percent increase in REOs.
In the first 90 days of 2009, lenders took back 3,341 properties in Broward compared to 2,691 properties in Miami-Dade. In Palm Beach, lenders repossessed 1,279 properties.
By comparison, in the first quarter of 2008 lenders repossessed 2,395 properties in Miami-Dade, 1,671 properties in Broward, and 696 properties in Palm Beach, according to the report.
To repossess a property in South Florida, lenders must first file a Lis Pendens and/or Notice of Default with the circuit court in the county where the residence is located.
The filing initiates what is typically a six to nine month process that costs a lender an estimated $40,000 to $80,000.
The final step of the foreclosure process is a courthouse auction where a lender's financing position is available for purchase by the highest bidder based on a minimum judgment amount set by the court.
Many bidders often times fail to purchase a lender's financing position on a condo, townhouse, or single-family house as the debt owed on the foreclosed property by the borrower far exceeds the amount an investor would be willing to pay in today's distressed market.
It is at this point in the foreclosure process that the court formally transfers a property from the borrower to the lender, creating Real Estate Owned (REO) by a bank.
Once in control of a property, a bank settles all outstanding title issues including past-due condominium maintenance fees before ultimately selling off the REO property at a deep discount.
"REOs offer some of the deepest discounts available in the volatile South Florida real estate market," Zalewski said. "The drawback is, many of these properties are in need of work, whether it is renovating a residence damaged by a frustrated borrower or building out a never-lived-in condo unit. Still, the potential upside is great for those buyers who are willing to put in some sweat equity."
Condo Vultures® Featured On CNBC's Squawk On The Street
CNBC's popular Steals and Deals segment featured Condo Vultures® on April 15 during the financial news network's Squawk On The Street program. The Steals and Deals segment focused on bank-owned condo units in Greater Miami that are now available at discounts as deep as 81 percent.
Miami Condo Trends Subject of Upcoming Seminar
Condo Vultures® is relaunching its seminar series on Tuesday, April 28, at the Doubletree Grand Hotel in Miami with a presentation by real estate consultant and broker Peter Zalewski. The agenda will include a discussion of proprietary research collected by Condo Vultures® regarding the South Florida condo market and the official launch of the firm's recently published eBooks, the the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™. For more information about attending, please visit the Upcoming Events section of CondoVultures.com.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Tuesday, April 14, 2009
South Florida Inventory Drops By 1,000 Residences In Week
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 the market as of April 13 compared to 92,792 properties on April 6. At the end of the first quarter, there were 94,526 resales on the market on March 30, according to the Condo Vultures® report.
Pending sales in the last week increased by 2.2 percent to 13,585 transactions on April 13, compared to 13,298 contracts on April 6 and 12,985 deals on March 30, according to the report.
On Nov. 24, 2008, when Condo Vultures first began tracking active listings and pending sales on a weekly basis, South Florida had 107,527 residential properties on the market and 9,302 pending sales, according to the report.
"In the last five months, we have experienced a 14.6 percent decrease in available inventory and a 46 percent increase in pending sales," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
Single-family houses represent the biggest drop in overall residential inventory, dropping to 37,779 residences on the resale market on April 13 compared to 38,323 homes on April 6 and 39,233 available houses on March 30, according to the report.
Pending sales of single-family houses have climbed to 6,987 deals on April 13, compared to 6,879 on April 6 and 6,713 deals on March 30, according to the report.
The resale condominium and townhouse inventory has fallen to 54,041 units on April 13 compared to 54,469 on April 6 and 55,293 on March 30, according to the report.
Pending sales of condominium units and townhouses are up to 6,598 units on April 13 compared to 6,419 units under contract on April 6 and 6,272 units on March 30, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
The decrease in residential inventory in Miami-Dade, Broward, and Palm Beach counties means there are now 91,820 properties on the market as of April 13 compared to 92,792 properties on April 6. At the end of the first quarter, there were 94,526 resales on the market on March 30, according to the Condo Vultures® report.
Pending sales in the last week increased by 2.2 percent to 13,585 transactions on April 13, compared to 13,298 contracts on April 6 and 12,985 deals on March 30, according to the report.
On Nov. 24, 2008, when Condo Vultures first began tracking active listings and pending sales on a weekly basis, South Florida had 107,527 residential properties on the market and 9,302 pending sales, according to the report.
"In the last five months, we have experienced a 14.6 percent decrease in available inventory and a 46 percent increase in pending sales," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
Single-family houses represent the biggest drop in overall residential inventory, dropping to 37,779 residences on the resale market on April 13 compared to 38,323 homes on April 6 and 39,233 available houses on March 30, according to the report.
Pending sales of single-family houses have climbed to 6,987 deals on April 13, compared to 6,879 on April 6 and 6,713 deals on March 30, according to the report.
The resale condominium and townhouse inventory has fallen to 54,041 units on April 13 compared to 54,469 on April 6 and 55,293 on March 30, according to the report.
Pending sales of condominium units and townhouses are up to 6,598 units on April 13 compared to 6,419 units under contract on April 6 and 6,272 units on March 30, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Friday, April 3, 2009
Foreclosure Database™ Launches With 132,000 Filings
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 of the 227 foreclosure actions filed each business day in South Florida since 2007, the Foreclosure Database™ provides users with critical context and current information on projects, lenders, and borrowers that is essential in the due diligence process.
“The value of the Foreclosure Database™ comes in the ability to quickly pull up customized lists of addresses, owners, lenders, loan amounts, judgment amounts, and more that is searchable by county,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based advisory firm Condo Vultures®. “Every business day we upload the latest foreclosures filings to ensure that our clients have the most updated information possible.”
With about 5,000 foreclosure actions being filed every month in South Florida, many investors, appraisers, and lenders find it difficult to stay informed about the state of the market in a particular building, let alone a neighborhood or even a city.
The Foreclosure Database™ is proprietary software that was created to eliminate that anxiety by assisting decision makers to obtain a better understanding of the rapidly changing South Florida market.
Condo Vultures® attempts to accomplish this objective by providing users of the Foreclosure Database™ with the names of the buildings, the addresses, loan amounts, property values, the borrowers, the lenders, filing dates, and the plaintiff attorneys.
Founded in 2006, Condo Vultures® is the information company that has been releasing quarterly rankings of the top 10 South Florida condominium and townhouse projects with the highest number of foreclosures since 2007.
For the first-time ever, Condo Vultures® is making this valuable resource available to subscribers on a monthly basis with no contract for 30 days of unlimited access to the foreclosures being filed from Miami Beach north to West Palm Beach.
“Our mantra from the inception has been market intelligence,” said Zalewski, a former financial journalist who has lived in South Florida since October 1993. “We believe that accurate, current information always has an empowering effect on buyers, sellers, lenders, and appraisers in a real estate transaction. In today’s volatile South Florida market, accurate information more than ever is essential to buyers who are trying to capitalize on the real estate correction.”
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 for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database . Our new book Miami's Great Condo Crash: A Chronicle of the Boom and Bust is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database.
Copyright © 2009 Condo Vultures® LLC, All Rights Reserved.
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 of the 227 foreclosure actions filed each business day in South Florida since 2007, the Foreclosure Database™ provides users with critical context and current information on projects, lenders, and borrowers that is essential in the due diligence process.
“The value of the Foreclosure Database™ comes in the ability to quickly pull up customized lists of addresses, owners, lenders, loan amounts, judgment amounts, and more that is searchable by county,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based advisory firm Condo Vultures®. “Every business day we upload the latest foreclosures filings to ensure that our clients have the most updated information possible.”
With about 5,000 foreclosure actions being filed every month in South Florida, many investors, appraisers, and lenders find it difficult to stay informed about the state of the market in a particular building, let alone a neighborhood or even a city.
The Foreclosure Database™ is proprietary software that was created to eliminate that anxiety by assisting decision makers to obtain a better understanding of the rapidly changing South Florida market.
Condo Vultures® attempts to accomplish this objective by providing users of the Foreclosure Database™ with the names of the buildings, the addresses, loan amounts, property values, the borrowers, the lenders, filing dates, and the plaintiff attorneys.
Founded in 2006, Condo Vultures® is the information company that has been releasing quarterly rankings of the top 10 South Florida condominium and townhouse projects with the highest number of foreclosures since 2007.
For the first-time ever, Condo Vultures® is making this valuable resource available to subscribers on a monthly basis with no contract for 30 days of unlimited access to the foreclosures being filed from Miami Beach north to West Palm Beach.
“Our mantra from the inception has been market intelligence,” said Zalewski, a former financial journalist who has lived in South Florida since October 1993. “We believe that accurate, current information always has an empowering effect on buyers, sellers, lenders, and appraisers in a real estate transaction. In today’s volatile South Florida market, accurate information more than ever is essential to buyers who are trying to capitalize on the real estate correction.”
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 for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database . Our new book Miami's Great Condo Crash: A Chronicle of the Boom and Bust is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database.
Copyright © 2009 Condo Vultures® LLC, All Rights Reserved.
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