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 deposits up to $250,000 per account.
On that same day across town regulators were seizing the Community National Bank of Sarasota County, with assets of $97 million and deposits of $93 million. This failure resulted in a loss of $24 million to the FDIC's Deposit Insurance Fund.
The deposits of both Sarasota banks were assumed by Stearns Bank of St. Cloud, Minn. This is not the first time that the FDIC has worked out a deal with Stearns Bank to assume the deposits of a failed institution.
In June, Stearns Bank took over the deposits of the failed Minnesota institution Horizon Bank with assets of $87.6 million and deposits of $69.4 million.
For the year, regulators have seized six Florida-based institutions with combined assets of $14.2 billion and deposits of $9.8 billion. The six Florida bank failures of 2009 have resulted in an estimated loss of $5.4 billion, according to CondoVultures.com research based on FDIC data.
Florida ranks fourth in the country in 2009 for the greatest number of bank failures behind Georgia's 16 closings, Illinois' 13 closings, and California's eight closings, according to the Bal Harbour, Fla.-based consultancy Condo Vultures®.
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. 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 fort lauderdale. Show all posts
Showing posts with label fort lauderdale. Show all posts
Tuesday, August 11, 2009
Tuesday, July 28, 2009
Obama Tax Credit Drives South Florida Residential Sales
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 priced under $350,000 in Miami-Dade, Broward, and Palm Beach counties, according to the report produced using Florida Association of Realtors data.
"President Obama's tax credit for first-time home buyers is having a strong impact on the South Florida housing market," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Many buyers who had been waiting on the sidelines are actively in the market right now in hopes of purchasing a place before the program expires. In many cases, the demand for correctly priced residential product is so strong that sellers are receiving multiple offers from qualified buyers."
First-time home buyers who close on a home before Nov. 30 can apply for a $8,000 federal tax credit that need not be repaid as long as single-family house, condo unit, or townhouse remains the purchaser's primary residence for 36 months, according to the Internal Revenue Service's Form 5405.
Individuals in the market today are encouraged to attend tonight's free Condo Vultures seminar entitled First-Time Home Buyer Dos and Don'ts from 5.30 pm to 8 pm July 28 at the Doubletree Grand Hotel in Greater Downtown Miami. Registration is required.
A huge crowd is expected to turn out for an all-star panel of experts who will discuss what every first-time home buyer needs to know before purchasing a deeply discounted residence in South Florida.
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. 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
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 priced under $350,000 in Miami-Dade, Broward, and Palm Beach counties, according to the report produced using Florida Association of Realtors data.
"President Obama's tax credit for first-time home buyers is having a strong impact on the South Florida housing market," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Many buyers who had been waiting on the sidelines are actively in the market right now in hopes of purchasing a place before the program expires. In many cases, the demand for correctly priced residential product is so strong that sellers are receiving multiple offers from qualified buyers."
First-time home buyers who close on a home before Nov. 30 can apply for a $8,000 federal tax credit that need not be repaid as long as single-family house, condo unit, or townhouse remains the purchaser's primary residence for 36 months, according to the Internal Revenue Service's Form 5405.
Individuals in the market today are encouraged to attend tonight's free Condo Vultures seminar entitled First-Time Home Buyer Dos and Don'ts from 5.30 pm to 8 pm July 28 at the Doubletree Grand Hotel in Greater Downtown Miami. Registration is required.
A huge crowd is expected to turn out for an all-star panel of experts who will discuss what every first-time home buyer needs to know before purchasing a deeply discounted residence in South Florida.
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. 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
Monday, July 27, 2009
Free First-Time Home Buyers Seminar On Tuesday
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 disappears.
Many of the answers will be provided at Tuesday's Condo Vultures® seminar on what every first-time home buyer needs to know before purchasing a deeply discounted residence in South Florida.
"The combination of the Obama tax credit and decreasing inventory in the $350,000 and under category is making this a competitive time for buyers in South Florida, especially on product located in coastal areas," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
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. 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
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 disappears.
Many of the answers will be provided at Tuesday's Condo Vultures® seminar on what every first-time home buyer needs to know before purchasing a deeply discounted residence in South Florida.
"The combination of the Obama tax credit and decreasing inventory in the $350,000 and under category is making this a competitive time for buyers in South Florida, especially on product located in coastal areas," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
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. 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
Friday, July 17, 2009
South Florida Bank Seizures Fall 16% In Q2 of 2009
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 to seizing 7,098 properties in the second quarter of 2008. In 2007, lenders seized 2,167 South Florida properties in the second quarter, according to the report produced using court records.
"Government intervention - whether it be foreclosure moratoriums or mortgage modification programs - is the primary reason for the decrease in the number of repossessed properties," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "That being said, the number of foreclosure filings are back on the rise in the tricounty South Florida region. It is difficult to predict if the foreclosure actions will ultimately end up as Real Estate Owned by banks known as REOs or simply nonperforming mortgages."
More than 52,000 foreclosures have been initiated in South Florida in the first half of the year, putting the tricounty region on pace for more than 100,000 actions in 2009.
By comparison, lenders filed about 38,000 foreclosures actions in the first six months of 2008 and more than 75,000 actions for the year. In 2007, banks filed nearly 8,000 actions in the first half of the year and more than 32,000 for the year, according to data from the Condo Vultures® Foreclosure Database™.
Another factor contributing to the decreasing number of bank repossessions in South Florida despite the increasing number of foreclosure filings is the lengthy legal process necessary before a lender can repossess a residence.
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. 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
Lenders repossessed 5,992 properties in Miami-Dade, Broward, and Palm Beach counties between April and June of 2009 compared to seizing 7,098 properties in the second quarter of 2008. In 2007, lenders seized 2,167 South Florida properties in the second quarter, according to the report produced using court records.
"Government intervention - whether it be foreclosure moratoriums or mortgage modification programs - is the primary reason for the decrease in the number of repossessed properties," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "That being said, the number of foreclosure filings are back on the rise in the tricounty South Florida region. It is difficult to predict if the foreclosure actions will ultimately end up as Real Estate Owned by banks known as REOs or simply nonperforming mortgages."
More than 52,000 foreclosures have been initiated in South Florida in the first half of the year, putting the tricounty region on pace for more than 100,000 actions in 2009.
By comparison, lenders filed about 38,000 foreclosures actions in the first six months of 2008 and more than 75,000 actions for the year. In 2007, banks filed nearly 8,000 actions in the first half of the year and more than 32,000 for the year, according to data from the Condo Vultures® Foreclosure Database™.
Another factor contributing to the decreasing number of bank repossessions in South Florida despite the increasing number of foreclosure filings is the lengthy legal process necessary before a lender can repossess a residence.
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. 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.
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
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
Saturday, June 27, 2009
Short Sales Account For 31% Of South Florida Properties For Sale
BY WILLIAM BETANCOURT
There 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 County, 4,442 filings in Broward County, and 2,661 filings in Palm Beach counties, respectively,” said William Betancourt, a licensed Florida real estate agent and short sale specialist with Condo Vultures® Realty LLC. “The real story is the 2,866 filings in Miami-Dade, 4,223 filings in Broward, and 2,029 filings in Palm Beach in the previous month of April and what June has in store ending the second quarter with more distressed inventory. The spike isn’t likely to continue to rise.
"However, we will still see a continuing stream of filings throughout the remaining two quarters.”
Over the past two months, 18,120 new properties are in pre-foreclosure in the three counties. Broward County accounts for 47.8 percent of the new filings, with Dade at 26.3 percent and Palm Beach County with the remaining 25.9 percent, according to the Condo Vultures® Foreclosure Database™, which tracks the filing of Lis Pendens notices through court records since January 1st, 2007.
To date, the database contains more than 158,000 filings.
Read More
There 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 County, 4,442 filings in Broward County, and 2,661 filings in Palm Beach counties, respectively,” said William Betancourt, a licensed Florida real estate agent and short sale specialist with Condo Vultures® Realty LLC. “The real story is the 2,866 filings in Miami-Dade, 4,223 filings in Broward, and 2,029 filings in Palm Beach in the previous month of April and what June has in store ending the second quarter with more distressed inventory. The spike isn’t likely to continue to rise.
"However, we will still see a continuing stream of filings throughout the remaining two quarters.”
Over the past two months, 18,120 new properties are in pre-foreclosure in the three counties. Broward County accounts for 47.8 percent of the new filings, with Dade at 26.3 percent and Palm Beach County with the remaining 25.9 percent, according to the Condo Vultures® Foreclosure Database™, which tracks the filing of Lis Pendens notices through court records since January 1st, 2007.
To date, the database contains more than 158,000 filings.
Read More
Friday, June 26, 2009
Bank Regulators Hold Key To Lending Rebound In Florida
BY JIM FREER
Special Correspondent
CondoVultures.com
It’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 this year.
As part of a stepped-up review process they began approximately two years ago, federal and state banking regulators are telling many banks to keep adding to their reserves to cover potential loan losses, experts tell CondoVultures.com.
Those additions to reserves are taken from a bank’s quarterly earnings, or from capital during quarters when there are no profits.
That review of loan quality is part of what some bankers say is regulators being figuratively “in banks” that are having earnings problems. In some cases, they are instructing banks on lending strategies but not necessarily on making individual loans.
Regulators also are telling some banks to raise capital or reduce assets, to improve their capital-to-asset ratios.
For many banks that means making fewer loans and reducing asset size as other loans are paid off.
Read More
Special Correspondent
CondoVultures.com
It’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 this year.
As part of a stepped-up review process they began approximately two years ago, federal and state banking regulators are telling many banks to keep adding to their reserves to cover potential loan losses, experts tell CondoVultures.com.
Those additions to reserves are taken from a bank’s quarterly earnings, or from capital during quarters when there are no profits.
That review of loan quality is part of what some bankers say is regulators being figuratively “in banks” that are having earnings problems. In some cases, they are instructing banks on lending strategies but not necessarily on making individual loans.
Regulators also are telling some banks to raise capital or reduce assets, to improve their capital-to-asset ratios.
For many banks that means making fewer loans and reducing asset size as other loans are paid off.
Read More
Thursday, June 25, 2009
Chinese Drywall Impact 'Huge' On Florida Valuations
BY ERIK BOJNANSKY
Special Correspondent
CondoVultures.com
Eight 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 impact on South Florida's already troubled real estate market and any home built with significant amounts of it may be worthless.
"It's a huge problem," said Randall Jimenez, owner of Under Pressure Home Services, a Fort Lauderdale company that cleans up and manages foreclosed homes for banks. "No one has real answers to this problem and no one wants to say anything yet."
The true number of homes constructed with Chinese drywall remains uncertain but estimates suggest that between 35,000 and 100,000 homes and commercial properties across the United States, Canada and the Bahamas were made from this material.
The adverse affects of Chinese drywall was first discovered in homes located within the Sunshine State in January 2009.
Colson Hicks Eidson attorney Elvin Gonzalez, who has been representing hundreds of clients with drywall problems, suspects there may be 35,000 homes infected in Florida alone with large pockets in Miami-Dade, Broward and Palm Beach counties.
"Broward is very, very hard hit," Gonzalez said.
Read More
Special Correspondent
CondoVultures.com
Eight 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 impact on South Florida's already troubled real estate market and any home built with significant amounts of it may be worthless.
"It's a huge problem," said Randall Jimenez, owner of Under Pressure Home Services, a Fort Lauderdale company that cleans up and manages foreclosed homes for banks. "No one has real answers to this problem and no one wants to say anything yet."
The true number of homes constructed with Chinese drywall remains uncertain but estimates suggest that between 35,000 and 100,000 homes and commercial properties across the United States, Canada and the Bahamas were made from this material.
The adverse affects of Chinese drywall was first discovered in homes located within the Sunshine State in January 2009.
Colson Hicks Eidson attorney Elvin Gonzalez, who has been representing hundreds of clients with drywall problems, suspects there may be 35,000 homes infected in Florida alone with large pockets in Miami-Dade, Broward and Palm Beach counties.
"Broward is very, very hard hit," Gonzalez said.
Read More
Wednesday, June 24, 2009
South Florida Inventory Falls 1.1% To 81,000 Residences
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 on the market in the tri-county region of Miami-Dade, Broward, and Palm Beach counties, according to the report compiled using data from the Florida Association of Realtors.
"The single-family house inventory is shrinking at a faster pace than the condo and townhouse market," said Peter Zalewski, a principal with Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Condo and townhouses now represent about 61 percent of the total South Florida inventory. Back in November, condos and townhouses represented 57 percent of the overall residential inventory in South Florida."
On a county-by-county basis, Broward has the fewest number of single-family houses available for resale with 10,179 properties, or 32 percent of the total South Florida inventory of 32,125.
Miami-Dade and Palm Beach are in a tie in percentage terms with each accounting for 34 percent of the remaining single-family house inventory. Palm Beach, with a population of about 1.1 million, has 10,888 houses for sale compared to 11,058 houses on the resale market in Miami-Dade, with a population of 2.5 million, according to the Condo Vultures® report.
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
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 on the market in the tri-county region of Miami-Dade, Broward, and Palm Beach counties, according to the report compiled using data from the Florida Association of Realtors.
"The single-family house inventory is shrinking at a faster pace than the condo and townhouse market," said Peter Zalewski, a principal with Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Condo and townhouses now represent about 61 percent of the total South Florida inventory. Back in November, condos and townhouses represented 57 percent of the overall residential inventory in South Florida."
On a county-by-county basis, Broward has the fewest number of single-family houses available for resale with 10,179 properties, or 32 percent of the total South Florida inventory of 32,125.
Miami-Dade and Palm Beach are in a tie in percentage terms with each accounting for 34 percent of the remaining single-family house inventory. Palm Beach, with a population of about 1.1 million, has 10,888 houses for sale compared to 11,058 houses on the resale market in Miami-Dade, with a population of 2.5 million, according to the Condo Vultures® report.
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
Thursday, June 18, 2009
NAR Chief Economist: South Florida Real Estate Market At Bottom
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 bottomed in Florida."
Yun made the declaration (Watch The Video) on June 11 during a keynote address to a lunch crowd of the International Real Estate Congress and Expo. The event was hosted by the Realtors Association of Greater Miami and the Beaches at the Biltmore Hotel in Coral Gables.
Yun's keynote address preceded a panel discussion on the South Florida real estate market with Peter Zalewski, founder of Condo Vultures® LLC; Rei Mesa of Prudential Florida Realty; Oliver Ruiz of Fortune International Realty; and Ron Shuffield of EWM.
Given the growing number of residential deals occurring in South Florida despite no readily available financing, Yun projects that today's buyers could actually realize some home price appreciation as soon as next year when credit is expected to be available once again.
"Soon you will reach the point of equilibrium where home prices begin to show growth," Yun said. "It is always difficult to precisely predict. I think that many people who are buying today in this month - June of 2009 - if they look back a year from now in June 2010, I think many people will see that they have actually gained in equity."
Yun cautioned that the South Florida market conditions - a diverse community with limited developable land, attractive weather, and an international appeal - give the region an advantage over many other areas in the United States.
"There will be some premium attached to Miami, in relation to say Atlanta, Birmingham, and others," Yun said. "So the price point in Miami will be much stronger when compared to other, say, southern states across the country or even say the rest of America. For that reason, I am very hopeful that currently it is an undervalued market.
"Buyers are recognizing [that]. Sales up about 100 percent from one year before."
Yun's comments come a month after national real estate analyst Jack McCabe of McCabe Research & Consulting in Deerfield Beach, Fla., told CondoVultures.com that he thinks South Florida residential prices are within 15 percent of the bottom.
McCabe, who began warning of a Florida housing bust in 2005, projects the South Florida residential real estate bottom will be reached by the summer of 2010.
"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," McCabe told 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™ 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
"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 bottomed in Florida."
Yun made the declaration (Watch The Video) on June 11 during a keynote address to a lunch crowd of the International Real Estate Congress and Expo. The event was hosted by the Realtors Association of Greater Miami and the Beaches at the Biltmore Hotel in Coral Gables.
Yun's keynote address preceded a panel discussion on the South Florida real estate market with Peter Zalewski, founder of Condo Vultures® LLC; Rei Mesa of Prudential Florida Realty; Oliver Ruiz of Fortune International Realty; and Ron Shuffield of EWM.
Given the growing number of residential deals occurring in South Florida despite no readily available financing, Yun projects that today's buyers could actually realize some home price appreciation as soon as next year when credit is expected to be available once again.
"Soon you will reach the point of equilibrium where home prices begin to show growth," Yun said. "It is always difficult to precisely predict. I think that many people who are buying today in this month - June of 2009 - if they look back a year from now in June 2010, I think many people will see that they have actually gained in equity."
Yun cautioned that the South Florida market conditions - a diverse community with limited developable land, attractive weather, and an international appeal - give the region an advantage over many other areas in the United States.
"There will be some premium attached to Miami, in relation to say Atlanta, Birmingham, and others," Yun said. "So the price point in Miami will be much stronger when compared to other, say, southern states across the country or even say the rest of America. For that reason, I am very hopeful that currently it is an undervalued market.
"Buyers are recognizing [that]. Sales up about 100 percent from one year before."
Yun's comments come a month after national real estate analyst Jack McCabe of McCabe Research & Consulting in Deerfield Beach, Fla., told CondoVultures.com that he thinks South Florida residential prices are within 15 percent of the bottom.
McCabe, who began warning of a Florida housing bust in 2005, projects the South Florida residential real estate bottom will be reached by the summer of 2010.
"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," McCabe told 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™ 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 16, 2009
South Florida Rental Rates Seminar Tonight
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 Grand Hotel just north of Downtown Miami. The program features a networking session, panel discussion, and question and answer period with the panel.
Condo Vultures® principal Peter Zalewski will moderate the discussion about the current and future trends in South Florida's rental market from an investor's perspective.
Joining Zalewski on the panel are:
- James Donnelly, the president and chief executive of the Castle Group condo association management company;
- Jack McCabe, a national real estate analyst with McCabe Research & Consulting;
- Alan Ojeda, developer of the Miami high-rise rental tower One Broadway;
- and Raul Valdes-Fauli, Miami-Dade County president of CNL Bank.
For more information, please visit the Upcoming Events page at CondoVultures.com or call 800-750-0517.
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
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 Grand Hotel just north of Downtown Miami. The program features a networking session, panel discussion, and question and answer period with the panel.
Condo Vultures® principal Peter Zalewski will moderate the discussion about the current and future trends in South Florida's rental market from an investor's perspective.
Joining Zalewski on the panel are:
- James Donnelly, the president and chief executive of the Castle Group condo association management company;
- Jack McCabe, a national real estate analyst with McCabe Research & Consulting;
- Alan Ojeda, developer of the Miami high-rise rental tower One Broadway;
- and Raul Valdes-Fauli, Miami-Dade County president of CNL Bank.
For more information, please visit the Upcoming Events page at CondoVultures.com or call 800-750-0517.
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
Monday, June 15, 2009
South Florida Real Estate Market Rebounding: Industry Watchers
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.
Read More
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.
Read More
Saturday, June 13, 2009
First-Time Home Buyers Guide To South Florida Unveiled
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 features a collection of articles about the process, pointing out the dos and don'ts in making your first home purchase.
For more information about the First-Time Home Buyers Guide To South Florida™, please visit the eBooks page 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™ 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
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 features a collection of articles about the process, pointing out the dos and don'ts in making your first home purchase.
For more information about the First-Time Home Buyers Guide To South Florida™, please visit the eBooks page 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™ 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.
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
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
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.
Read More
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
Tuesday, May 26, 2009
South Florida Inventory drops 21%, contracts jump 66% in 6 months
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 the week of Thanksgiving.
South Florida pending sales totaled 15,399 on May 25 compared to 9,302 contracts on Nov. 24, according to the Condo Vultures® report based on Florida Association of Realtors data.
"In the last six months, we have seen inventory decrease by between 1 percent and 2 percent on a week-over-week basis," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "During the same period, pending sales have consistently increased by between 1 percent and 3.5 percent on a weekly basis since November. This trend suggests that summer - which historically is a quiet period - looks to be active."
Miami-Dade County, where Miami Beach, Coral Gables, and Sunny Isles Beach are located, has
the greatest number of available residential resale properties with 32,133, or 38 percent of the tri-county regional total. The inventory in Miami-Dade has dropped 21.6 percent in the last six months from 40,994 properties on Nov. 24, according to the report.
Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, has the second largest share of available residential properties in South Florida with 27,669, or 33 percent of the regional total. In November, Broward County had 36,926 residences for resale.
Palm Beach County, where West Palm Beach, Boca Raton, and Delray Beach are located, has the fewest number of properties available for resale with 25,160, or 30 percent of the regional total. On Nov. 24, Palm Beach County had 29,607 properties available for resale, according to the report On a deal basis, Broward County is the busiest place in the region.
Pending sales in Broward are up 80 percent in the last six months to 5,934 contracts on May 25 compared to 3,295 deals on Nov. 24.
Pending sales in Miami-Dade are up 60 percent to 6,789 deals on May 25 compared to 4,245 contracts six months ago.
Palm Beach County's pending sales are up 52 percent in the last six months to 2,676 contracts on May 25 compared to 1,762 deals in November, 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
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 the week of Thanksgiving.
South Florida pending sales totaled 15,399 on May 25 compared to 9,302 contracts on Nov. 24, according to the Condo Vultures® report based on Florida Association of Realtors data.
"In the last six months, we have seen inventory decrease by between 1 percent and 2 percent on a week-over-week basis," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "During the same period, pending sales have consistently increased by between 1 percent and 3.5 percent on a weekly basis since November. This trend suggests that summer - which historically is a quiet period - looks to be active."
Miami-Dade County, where Miami Beach, Coral Gables, and Sunny Isles Beach are located, has
the greatest number of available residential resale properties with 32,133, or 38 percent of the tri-county regional total. The inventory in Miami-Dade has dropped 21.6 percent in the last six months from 40,994 properties on Nov. 24, according to the report.
Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, has the second largest share of available residential properties in South Florida with 27,669, or 33 percent of the regional total. In November, Broward County had 36,926 residences for resale.
Palm Beach County, where West Palm Beach, Boca Raton, and Delray Beach are located, has the fewest number of properties available for resale with 25,160, or 30 percent of the regional total. On Nov. 24, Palm Beach County had 29,607 properties available for resale, according to the report On a deal basis, Broward County is the busiest place in the region.
Pending sales in Broward are up 80 percent in the last six months to 5,934 contracts on May 25 compared to 3,295 deals on Nov. 24.
Pending sales in Miami-Dade are up 60 percent to 6,789 deals on May 25 compared to 4,245 contracts six months ago.
Palm Beach County's pending sales are up 52 percent in the last six months to 2,676 contracts on May 25 compared to 1,762 deals in November, 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
Thursday, May 21, 2009
Consultant Jack McCabe To Participate On Rental Rates Panel Discussion
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 estate consultant, expert witness, and advisor to institutional funds who is regularly quoted locally, nationally, and internationally on housing issues in Florida and beyond.
McCabe joins Alan Ojeda, developer of the new high-rise rental tower One Broadway in Miami's Brickell Avenue area, on the Condo Vultures® Seminar Series June panel discussion on South Florida rental rate trends.
McCabe and Ojeda join a soon-to-be-announced Florida bank president and owner of a large condo association management company for a discussion with Condo Vultures® principal Peter Zalewski about the current and future trends in South Florida's rental market.
The June 16 program is scheduled to feature a networking session, panel discussion, and question and answer period with the panel. For more information, visit the Upcoming Events page at 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
McCabe, president of McCabe Research & Consulting in Deerfield Beach, Fla., is a real estate consultant, expert witness, and advisor to institutional funds who is regularly quoted locally, nationally, and internationally on housing issues in Florida and beyond.
McCabe joins Alan Ojeda, developer of the new high-rise rental tower One Broadway in Miami's Brickell Avenue area, on the Condo Vultures® Seminar Series June panel discussion on South Florida rental rate trends.
McCabe and Ojeda join a soon-to-be-announced Florida bank president and owner of a large condo association management company for a discussion with Condo Vultures® principal Peter Zalewski about the current and future trends in South Florida's rental market.
The June 16 program is scheduled to feature a networking session, panel discussion, and question and answer period with the panel. For more information, visit the Upcoming Events page at 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, 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
Tuesday, May 12, 2009
South Florida Residential Inventory Drops 1.1% In Week To 86,000
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 sales in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties totaled 14,679 on May 11 compared to 14,397 properties on May 4, according to the report based on Florida Association of Realtors data.
"Palm Beach County experienced a 2.6 percent jump in pending sales in the last week, which outpaced the 2.2 percent rise in Broward County and 1.5 percent increase in Miami-Dade County," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "The Palm Beach County surge in deals was led by a 3 percent spike in single-family house pending sales and a 1 percent jump in contracts for condo units and townhouses."
Palm Beach County has 25,743 residential properties on the resale market, representing 30 percent of the regional total. Single-family houses represent 46 percent of the overall inventory in Palm Beach County with condos and townhouses accounting for the remaining 54 percent.
By comparison, in Broward County, there are 28,468 residential properties for resale, which represents 33 percent of the tri-county regional supply total. Single-family houses account for 40 percent of the Broward County inventory, while condos and townhouses represent the remaining 60 percent of the resale product currently available.
Miami-Dade County has 32,601 residential properties for resale, representing 38 percent of the overall South Florida inventory. The Miami-Dade County inventory breaks down to 37 percent single-family houses and 63 percent condo units and townhouses, 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
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 sales in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties totaled 14,679 on May 11 compared to 14,397 properties on May 4, according to the report based on Florida Association of Realtors data.
"Palm Beach County experienced a 2.6 percent jump in pending sales in the last week, which outpaced the 2.2 percent rise in Broward County and 1.5 percent increase in Miami-Dade County," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "The Palm Beach County surge in deals was led by a 3 percent spike in single-family house pending sales and a 1 percent jump in contracts for condo units and townhouses."
Palm Beach County has 25,743 residential properties on the resale market, representing 30 percent of the regional total. Single-family houses represent 46 percent of the overall inventory in Palm Beach County with condos and townhouses accounting for the remaining 54 percent.
By comparison, in Broward County, there are 28,468 residential properties for resale, which represents 33 percent of the tri-county regional supply total. Single-family houses account for 40 percent of the Broward County inventory, while condos and townhouses represent the remaining 60 percent of the resale product currently available.
Miami-Dade County has 32,601 residential properties for resale, representing 38 percent of the overall South Florida inventory. The Miami-Dade County inventory breaks down to 37 percent single-family houses and 63 percent condo units and townhouses, 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
Sunday, May 10, 2009
Florida Bank Failures Foreshadowed By FDIC
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 of Jacksonville to spearhead the imminent seizures and eventual asset sales.
"The FDIC, which prides itself on predictability and consistency, is sending a strong message to the banking industry that the day of reckoning is almost at hand," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Industry watchers have been expecting this moment as Florida - considered by many to be the epicenter of the U.S. housing crash - has had few bank failures to date."
Regulators have shut 57 banks since January 2008 with an estimated loss to the FDIC of $15.5 billion. Only four of the failed banks were headquartered in Florida - none in South Florida - compared to 11 seizures in Georgia and nine in California. A Florida credit unit has also closed by regulators.
The FDIC's bank seizure and asset sales office is scheduled to open in September with a combination of employees and subcontractors to oversee the process.
"Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," according to an FDIC statement. "As the work diminishes, the temporary satellite offices are closed."
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 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 of Jacksonville to spearhead the imminent seizures and eventual asset sales.
"The FDIC, which prides itself on predictability and consistency, is sending a strong message to the banking industry that the day of reckoning is almost at hand," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Industry watchers have been expecting this moment as Florida - considered by many to be the epicenter of the U.S. housing crash - has had few bank failures to date."
Regulators have shut 57 banks since January 2008 with an estimated loss to the FDIC of $15.5 billion. Only four of the failed banks were headquartered in Florida - none in South Florida - compared to 11 seizures in Georgia and nine in California. A Florida credit unit has also closed by regulators.
The FDIC's bank seizure and asset sales office is scheduled to open in September with a combination of employees and subcontractors to oversee the process.
"Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," according to an FDIC statement. "As the work diminishes, the temporary satellite offices are closed."
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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