BY ERIK BOJNANSKY
Special Correspondent
CondoVultures.com
Happy 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 Florida's inventory of condos, townhouses and single-family homes has fallen by nearly 24 percent in seven months. On Nov. 24 there were 107,527 residences available for resale. As of June 15, there were only 82,047 -- a reduction of 25,480. Meanwhile pending sales in South Florida have increased by more than 68 percent between November 24 and June 15 from a total of 9,302 to 15,645, according to a new report released by CondoVultures.com.
"There is a percentage of the population that believes the bottom of the market has hit," said Jeff Morr, CEO of Majestic Properties. "Sales are way up."
Brian Paul, CEO of the Realtors® Association of the Palm Beaches , credited low home prices and the $8,000 federal tax credit for first-time home buyers for the increased buying trend, especially among those who couldn't afford buying a condo or a house two years ago. The prospect of rising interest rates has only increased the pace of home-buying, Paul said.
"Housing is affordable again," Paul said, "People are recognizing that and are getting into the market before they are priced out."
Situations are popping up where investors can, in some cases, collect more on rent than the property actually costs on a monthly basis. A five-person panel is scheduled for Tuesday, June 16, to discuss "Rental Rates and the Quest For Double-Digit Cap Rates" at the Doubletree Grand Hotel just north of Greater Downtown Miami.
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Showing posts with label foreclosures. Show all posts
Showing posts with label foreclosures. Show all posts
Monday, June 15, 2009
Saturday, May 30, 2009
$14 Million In South Beach Foreclosures Filed In May
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 filed to foreclose on a $1.1 million loan, which ranks as the third highest foreclosure action filed in May in South Beach.
A luxury condo with an outstanding loan of $1.6 million in Miami Beach's South of Fifth neighborhood ranked as the second highest foreclosure action filed in May, according to the Foreclosure Database™.
"Single-family houses accounted for two of the 34 foreclosure actions filed in South Beach in May," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "For the year, condos have accounted for more than 90 percent of the 176 foreclosure actions filed in South Beach through the end of May."
Nearly half of the May foreclosures in South Beach are located on four streets: West Avenue (7 filings); Collins Avenue (4 filings); Ocean Drive (2 filings), Lincoln Road (2 filings). The remainder of the foreclosure actions are spread throughout the barrier island neighborhood.
Overall, lenders moved to foreclose 81 properties in Miami Beach in May, up from efforts to repossess 112 properties in April. For the year, lenders have filed 463 actions against Miami Beach properties, according to the Condo Vultures® Foreclosure Database™.
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 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 filed to foreclose on a $1.1 million loan, which ranks as the third highest foreclosure action filed in May in South Beach.
A luxury condo with an outstanding loan of $1.6 million in Miami Beach's South of Fifth neighborhood ranked as the second highest foreclosure action filed in May, according to the Foreclosure Database™.
"Single-family houses accounted for two of the 34 foreclosure actions filed in South Beach in May," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "For the year, condos have accounted for more than 90 percent of the 176 foreclosure actions filed in South Beach through the end of May."
Nearly half of the May foreclosures in South Beach are located on four streets: West Avenue (7 filings); Collins Avenue (4 filings); Ocean Drive (2 filings), Lincoln Road (2 filings). The remainder of the foreclosure actions are spread throughout the barrier island neighborhood.
Overall, lenders moved to foreclose 81 properties in Miami Beach in May, up from efforts to repossess 112 properties in April. For the year, lenders have filed 463 actions against Miami Beach properties, according to the Condo Vultures® Foreclosure Database™.
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
Wednesday, May 27, 2009
First-Time Home Buyers Target Foreclosures
BY ERIK BOJNANSKY
Special Correspondent
CondoVultures.com
Armed 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 Brian Paul, CEO of the Realtors® Association of the Palm Beaches.
Kerry Smith, project editor for the Florida Association of Realtors, said first-time home buyers are asking Realtors about REO (real estate owned, bank owned) properties.
"Everyone has read all the media out there," he said. "A lot of shoppers want a bargain because that is what they read."
Danielle Clermont, communications director for the Realtor® Association of Greater Fort Lauderdale, said so many first-time home buyers are inquiring about REOs that her organization is now offering Realtors classes about foreclosed and short-sold properties.
"Two years ago we did not have [the classes]," Clermont said. But recently the "demand in the courses have increased and participation in the courses have [also increased]."
There is plenty of foreclosed inventory in South Florida, according to data from the Condo Vultures® Foreclosure Database™. Since January 2007, when the real estate market declined rapidly, foreclosure actions have been initiated on 147,000 properties. Condo Vultures® also predicts that 27,000 properties will likely be foreclosed on by the end of 2009.
Once obtained, banks will be looking to unload homes as quickly as possible.
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Special Correspondent
CondoVultures.com
Armed 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 Brian Paul, CEO of the Realtors® Association of the Palm Beaches.
Kerry Smith, project editor for the Florida Association of Realtors, said first-time home buyers are asking Realtors about REO (real estate owned, bank owned) properties.
"Everyone has read all the media out there," he said. "A lot of shoppers want a bargain because that is what they read."
Danielle Clermont, communications director for the Realtor® Association of Greater Fort Lauderdale, said so many first-time home buyers are inquiring about REOs that her organization is now offering Realtors classes about foreclosed and short-sold properties.
"Two years ago we did not have [the classes]," Clermont said. But recently the "demand in the courses have increased and participation in the courses have [also increased]."
There is plenty of foreclosed inventory in South Florida, according to data from the Condo Vultures® Foreclosure Database™. Since January 2007, when the real estate market declined rapidly, foreclosure actions have been initiated on 147,000 properties. Condo Vultures® also predicts that 27,000 properties will likely be foreclosed on by the end of 2009.
Once obtained, banks will be looking to unload homes as quickly as possible.
Read More
Friday, May 22, 2009
Regulators Seize Florida’s Largest Bank
BY JIM FREER
CondoVultures.com
Federal 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 York-based investment firm WL Ross & Co. The investors are putting $900 million in capital into the bank.
Bank United, FSB, had $12.8 billion in assets and $8.6 billion in deposits as of May 2.
The bank had been suffering heavy losses, stemming mostly from its portfolio of “monthly option” adjustable rate mortgages. South Florida condominium units were prominent among its growing volume of non-current loans and foreclosures.
BankUnited had been under regulators’ orders to find a buyer or raise capital, and regulators had been directing those efforts since late last month. A change in control was widely expected by the end of this week.
The Federal Deposit Insurance Corp. said others in the investment consortium are: Carlyle Investment Management L.L.C.; Blackstone Capital Partners V L.P.; Centerbridge Capital Partners, L.P. LeFrak Organization, Inc; The Wellcome Trust; Greenaap Investments Ltd.; and East Rock Endowment Fund.
The WL Ross-led group was one of several groups that reportedly submitted bids for BankUnited.
BankUnited's 86 branch offices, all in Florida, will be open Friday during normal business hours. All deposits acquired by the new owners will be insured by the FDIC.
Customers can continue to use BankUnited, FSB's, checks, ATM cards and debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
On Thursday, The U.S. Office of Thrift Supervision (OTS) acquired the banking operations, including all the non-brokered deposits, of BankUnited in a transaction facilitated by the FDIC.
The FDIC, as receiver, then arranged the sale to the group led by Kanas and WL Ross.
Details of the regulators’ takeover are on the FDIC’s Web site.
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CondoVultures.com
Federal 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 York-based investment firm WL Ross & Co. The investors are putting $900 million in capital into the bank.
Bank United, FSB, had $12.8 billion in assets and $8.6 billion in deposits as of May 2.
The bank had been suffering heavy losses, stemming mostly from its portfolio of “monthly option” adjustable rate mortgages. South Florida condominium units were prominent among its growing volume of non-current loans and foreclosures.
BankUnited had been under regulators’ orders to find a buyer or raise capital, and regulators had been directing those efforts since late last month. A change in control was widely expected by the end of this week.
The Federal Deposit Insurance Corp. said others in the investment consortium are: Carlyle Investment Management L.L.C.; Blackstone Capital Partners V L.P.; Centerbridge Capital Partners, L.P. LeFrak Organization, Inc; The Wellcome Trust; Greenaap Investments Ltd.; and East Rock Endowment Fund.
The WL Ross-led group was one of several groups that reportedly submitted bids for BankUnited.
BankUnited's 86 branch offices, all in Florida, will be open Friday during normal business hours. All deposits acquired by the new owners will be insured by the FDIC.
Customers can continue to use BankUnited, FSB's, checks, ATM cards and debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
On Thursday, The U.S. Office of Thrift Supervision (OTS) acquired the banking operations, including all the non-brokered deposits, of BankUnited in a transaction facilitated by the FDIC.
The FDIC, as receiver, then arranged the sale to the group led by Kanas and WL Ross.
Details of the regulators’ takeover are on the FDIC’s Web site.
Read More
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
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