Nearly 900 residences in the Vultures Database™ have closed in the first five months of 2009 at an average discount of $357,500, or nearly 54 percent, a dramatic change from the average price reductions of 44 percent in 2008 and 29 percent in 2007, according to a new report from Condo Vultures® LLC.
Buyers closed 232 single-family houses, condos, and townhouses in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties in May for a daily average of 7.5 transactions. In April, buyers closed an average of 7.0 properties per day. The running average in the first five months of 2009 is 5.9 closings per day on properties in the Vultures Database™, according to the report.
"Discount investors and first-time home buyers are having a noticeable impact on the coastal residential real estate market in South Florida," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Half of the transactions involving properties in the Vultures Database™ have closed in the last two months. We anticipate the pace will continue at the same level, if not stronger, throughout the summer if conditions remains the same."
In its third year of monitoring South Florida discounts, the Vultures Database™ is comprised of nearly 3,800 condos, townhouses, and single-family houses actively for sale east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties that have been reduced in price by at least 10 percent and/or $100,000.
Discounts are proving to be the single-most important factor in determining whether a property is sold or not. With conventional financing difficult to obtain, the majority of today's buyers are selectively purchasing with cash or the assistance of government-backed programs, such as the Obama $8,000 tax credit for first-time home buyers.
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Showing posts with label housing. Show all posts
Showing posts with label housing. Show all posts
Tuesday, June 30, 2009
Monday, June 29, 2009
Fort Lauderdale Inventory Down 30% In 7 Months
Resale residential inventory in the Greater Fort Lauderdale area is shrinking at a faster rate than is the case for the South Florida region, according to a new report from Condo Vultures® LLC.
Resale inventory in Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, is down 30 percent to nearly 26,000 single-family houses, condos, and townhouses in the last seven months dating back to Thanksgiving week.
By comparison, South Florida inventory is down 25 percent for the tri-county region. Resale inventory has fallen by 26 percent in Miami-Dade County, where Miami Beach, Coral Gables, and Aventura are located, and by 19 percent in Palm Beach County, where Boca Raton, Delray Beach, and West Palm Beach are located, according to the report created using Florida Association of Realtors data.
"Broward County is South Florida's middle ground in terms of location and price point between expensive Miami and more reasonably priced West Palm Beach," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "It is not uncommon for dual-income families to have one person working in the Miami area and the other in Broward and/or Palm Beach. In these situations, Broward is often times the place where the families ultimately decide to buy given the lower price compared to Miami."
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Resale inventory in Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, is down 30 percent to nearly 26,000 single-family houses, condos, and townhouses in the last seven months dating back to Thanksgiving week.
By comparison, South Florida inventory is down 25 percent for the tri-county region. Resale inventory has fallen by 26 percent in Miami-Dade County, where Miami Beach, Coral Gables, and Aventura are located, and by 19 percent in Palm Beach County, where Boca Raton, Delray Beach, and West Palm Beach are located, according to the report created using Florida Association of Realtors data.
"Broward County is South Florida's middle ground in terms of location and price point between expensive Miami and more reasonably priced West Palm Beach," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "It is not uncommon for dual-income families to have one person working in the Miami area and the other in Broward and/or Palm Beach. In these situations, Broward is often times the place where the families ultimately decide to buy given the lower price compared to Miami."
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
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
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
Monday, April 27, 2009
South Florida Housing Inventory Falls Below 90,000
South Florida's residential real estate market has less than 90,000 single-family houses, condominium units, and townhouses for resale, a drop of 16.6 percent since November, according to a new housing inventory report from Condo Vultures® LLC.
The number of available resales in the tricounty South Florida area of Miami-Dade, Broward, and Palm Beach counties dropped by 0.8 percent, or 708 residences, in the last week ending April 27 on a week-over-week basis, according to Condo Vultures®.
In the last seven days, single-family house resale inventory dropped 1.1 percent, or 396 residences, to 36,658 in South Florida. Condominium unit and townhouse resale inventory dropped by 0.6 percent, or 312 units, according to the report.
"Single-family houses are coming off the resale market at a slightly greater pace - in total numbers - than the condominium and townhouse inventory," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "Buyers are realizing that the single-family house market was not overbuilt to the same extent as the condominium market, especially in coastal South Florida."
Zalewski is scheduled to discuss inventory and foreclosure trends in the Greater Miami Condo Market at an upcoming seminar scheduled for Tuesday, April 28, at the Doubletree Grand Hotel just north of Downtown Miami.
Pending sales jumped by 1.4 percent, 195 contracts, as of April 27 on a week-over-week basis in South Florida, according to the report.
Single-family house contracts increased by 1.7 percent to 7,446 existing contracts on April 27 compared to 7,325 on April 20.
Contracts on condo units and townhouses increased by 1.1 percent to 6,932 pending sales on April 27 compared to 6,858 deals on April 20, according to the report.
On a county-by county basis, Miami-Dade is experiencing the greatest pending sales activity with 6,372 contracts, or 44 percent of the regional total. Broward is second with 5,472 pending contracts, or 38 percent of the deals. Palm Beach is third with 2,533 pending sales, or 18 percent of the contract activity.
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 number of available resales in the tricounty South Florida area of Miami-Dade, Broward, and Palm Beach counties dropped by 0.8 percent, or 708 residences, in the last week ending April 27 on a week-over-week basis, according to Condo Vultures®.
In the last seven days, single-family house resale inventory dropped 1.1 percent, or 396 residences, to 36,658 in South Florida. Condominium unit and townhouse resale inventory dropped by 0.6 percent, or 312 units, according to the report.
"Single-family houses are coming off the resale market at a slightly greater pace - in total numbers - than the condominium and townhouse inventory," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "Buyers are realizing that the single-family house market was not overbuilt to the same extent as the condominium market, especially in coastal South Florida."
Zalewski is scheduled to discuss inventory and foreclosure trends in the Greater Miami Condo Market at an upcoming seminar scheduled for Tuesday, April 28, at the Doubletree Grand Hotel just north of Downtown Miami.
Pending sales jumped by 1.4 percent, 195 contracts, as of April 27 on a week-over-week basis in South Florida, according to the report.
Single-family house contracts increased by 1.7 percent to 7,446 existing contracts on April 27 compared to 7,325 on April 20.
Contracts on condo units and townhouses increased by 1.1 percent to 6,932 pending sales on April 27 compared to 6,858 deals on April 20, according to the report.
On a county-by county basis, Miami-Dade is experiencing the greatest pending sales activity with 6,372 contracts, or 44 percent of the regional total. Broward is second with 5,472 pending contracts, or 38 percent of the deals. Palm Beach is third with 2,533 pending sales, or 18 percent of the contract activity.
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, April 23, 2009
4.4% Surge In South Florida Pending Sales In Week
Pending sales for South Florida condominium units, townhouses, and single-family houses surged by more than 4 percent in the last week, reaching 14,183 existing contracts, according to a new report from Condo Vultures® LLC.
In a seven-day period ending April 20, nearly 600 residential properties on the market in Miami-Dade, Broward, and Palm Beach counties changed in status from "available" to "pending sale" in the Florida Association of Realtors' Multiple Listing Service. This most recent contract volume works out to an average of 86 deals per day being executed.
As the number of pending deals is on the rise, the number of available residential properties is falling. On a week-over-week basis, the number of residential resale properties on the market in South Florida decreased by 1.6 percent, or 1,438 residences, to 90,382 condos, townhouses, and single-family houses, according to the Condo Vultures® report.
"South Florida inventory is down nearly 16 percent and pending sales are up more than 52 percent since Thanksgiving week," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "As we enter into the last weeks of the winter tourism season, it appears as if inventory will continue to tighten despite the lack of financing available for residential product. Several buyers, rightly or wrongly, are deciding that the time to purchase is upon us."
Zalewski is scheduled to discuss inventory and pending sales trends in the Miami Condo Market at an upcoming seminar scheduled for Tuesday, April 28, at the Doubletree Grand Hotel just north of Downtown Miami.
Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, is leading the surge in pending deals in the tri-county region with 295 properties going under contract in the past week. Broward's increase in pending deals represents a 5.8 percent week-over-week increase, according to the report.
Miami-Dade County, where Miami Beach, Coral Gables, and Aventura are located, experienced a 4.3 percent increase in pending sales on a week-over-week basis reaching 6,274 deals. Buyers entered into 260 pending deals in the week long period ending April 20 for an average of 37 contracts per day.
Palm Beach County, where Boca Raton, West Palm Beach, and Delray Beach are located, continues to experience an increase in pending sales, but at a much slower pace. Pending sales increased by 1.7 percent in Palm Beach County in the last week, reaching 2,521 deals. Palm Beach County represents 18 percent of the total number of South Florida pending sales, according to the report.
Palm Beach County may have the smallest number of pending sales, but it also has the fewest residential properties on the market. There are 26,808 residential properties are on the market, representing 30 percent of the regional total.
Miami-Dade County has the greatest number of properties for resale with 33,676, or 37 percent of the regional total.
In Broward, there are 29,898 residential properties for sale, which represents 33 percent of the total market, 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
In a seven-day period ending April 20, nearly 600 residential properties on the market in Miami-Dade, Broward, and Palm Beach counties changed in status from "available" to "pending sale" in the Florida Association of Realtors' Multiple Listing Service. This most recent contract volume works out to an average of 86 deals per day being executed.
As the number of pending deals is on the rise, the number of available residential properties is falling. On a week-over-week basis, the number of residential resale properties on the market in South Florida decreased by 1.6 percent, or 1,438 residences, to 90,382 condos, townhouses, and single-family houses, according to the Condo Vultures® report.
"South Florida inventory is down nearly 16 percent and pending sales are up more than 52 percent since Thanksgiving week," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "As we enter into the last weeks of the winter tourism season, it appears as if inventory will continue to tighten despite the lack of financing available for residential product. Several buyers, rightly or wrongly, are deciding that the time to purchase is upon us."
Zalewski is scheduled to discuss inventory and pending sales trends in the Miami Condo Market at an upcoming seminar scheduled for Tuesday, April 28, at the Doubletree Grand Hotel just north of Downtown Miami.
Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, is leading the surge in pending deals in the tri-county region with 295 properties going under contract in the past week. Broward's increase in pending deals represents a 5.8 percent week-over-week increase, according to the report.
Miami-Dade County, where Miami Beach, Coral Gables, and Aventura are located, experienced a 4.3 percent increase in pending sales on a week-over-week basis reaching 6,274 deals. Buyers entered into 260 pending deals in the week long period ending April 20 for an average of 37 contracts per day.
Palm Beach County, where Boca Raton, West Palm Beach, and Delray Beach are located, continues to experience an increase in pending sales, but at a much slower pace. Pending sales increased by 1.7 percent in Palm Beach County in the last week, reaching 2,521 deals. Palm Beach County represents 18 percent of the total number of South Florida pending sales, according to the report.
Palm Beach County may have the smallest number of pending sales, but it also has the fewest residential properties on the market. There are 26,808 residential properties are on the market, representing 30 percent of the regional total.
Miami-Dade County has the greatest number of properties for resale with 33,676, or 37 percent of the regional total.
In Broward, there are 29,898 residential properties for sale, which represents 33 percent of the total market, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Friday, April 3, 2009
Foreclosure Database™ Launches With 132,000 Filings
More than 132,000 South Florida foreclosure filings and counting are now available in a realtime, searchable database created by the real estate consultancy Condo Vultures® LLC.
The Foreclosure Database™ provides the most up-to-date list of Lis Pendens and/or Notices of Default initiated in the volatile real estate markets of Miami-Dade, Broward, and Palm Beach counties.
With practically every one of the 227 foreclosure actions filed each business day in South Florida since 2007, the Foreclosure Database™ provides users with critical context and current information on projects, lenders, and borrowers that is essential in the due diligence process.
“The value of the Foreclosure Database™ comes in the ability to quickly pull up customized lists of addresses, owners, lenders, loan amounts, judgment amounts, and more that is searchable by county,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based advisory firm Condo Vultures®. “Every business day we upload the latest foreclosures filings to ensure that our clients have the most updated information possible.”
With about 5,000 foreclosure actions being filed every month in South Florida, many investors, appraisers, and lenders find it difficult to stay informed about the state of the market in a particular building, let alone a neighborhood or even a city.
The Foreclosure Database™ is proprietary software that was created to eliminate that anxiety by assisting decision makers to obtain a better understanding of the rapidly changing South Florida market.
Condo Vultures® attempts to accomplish this objective by providing users of the Foreclosure Database™ with the names of the buildings, the addresses, loan amounts, property values, the borrowers, the lenders, filing dates, and the plaintiff attorneys.
Founded in 2006, Condo Vultures® is the information company that has been releasing quarterly rankings of the top 10 South Florida condominium and townhouse projects with the highest number of foreclosures since 2007.
For the first-time ever, Condo Vultures® is making this valuable resource available to subscribers on a monthly basis with no contract for 30 days of unlimited access to the foreclosures being filed from Miami Beach north to West Palm Beach.
“Our mantra from the inception has been market intelligence,” said Zalewski, a former financial journalist who has lived in South Florida since October 1993. “We believe that accurate, current information always has an empowering effect on buyers, sellers, lenders, and appraisers in a real estate transaction. In today’s volatile South Florida market, accurate information more than ever is essential to buyers who are trying to capitalize on the real estate correction.”
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter's blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database . Our new book Miami's Great Condo Crash: A Chronicle of the Boom and Bust is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database.
Copyright © 2009 Condo Vultures® LLC, All Rights Reserved.
The Foreclosure Database™ provides the most up-to-date list of Lis Pendens and/or Notices of Default initiated in the volatile real estate markets of Miami-Dade, Broward, and Palm Beach counties.
With practically every one of the 227 foreclosure actions filed each business day in South Florida since 2007, the Foreclosure Database™ provides users with critical context and current information on projects, lenders, and borrowers that is essential in the due diligence process.
“The value of the Foreclosure Database™ comes in the ability to quickly pull up customized lists of addresses, owners, lenders, loan amounts, judgment amounts, and more that is searchable by county,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based advisory firm Condo Vultures®. “Every business day we upload the latest foreclosures filings to ensure that our clients have the most updated information possible.”
With about 5,000 foreclosure actions being filed every month in South Florida, many investors, appraisers, and lenders find it difficult to stay informed about the state of the market in a particular building, let alone a neighborhood or even a city.
The Foreclosure Database™ is proprietary software that was created to eliminate that anxiety by assisting decision makers to obtain a better understanding of the rapidly changing South Florida market.
Condo Vultures® attempts to accomplish this objective by providing users of the Foreclosure Database™ with the names of the buildings, the addresses, loan amounts, property values, the borrowers, the lenders, filing dates, and the plaintiff attorneys.
Founded in 2006, Condo Vultures® is the information company that has been releasing quarterly rankings of the top 10 South Florida condominium and townhouse projects with the highest number of foreclosures since 2007.
For the first-time ever, Condo Vultures® is making this valuable resource available to subscribers on a monthly basis with no contract for 30 days of unlimited access to the foreclosures being filed from Miami Beach north to West Palm Beach.
“Our mantra from the inception has been market intelligence,” said Zalewski, a former financial journalist who has lived in South Florida since October 1993. “We believe that accurate, current information always has an empowering effect on buyers, sellers, lenders, and appraisers in a real estate transaction. In today’s volatile South Florida market, accurate information more than ever is essential to buyers who are trying to capitalize on the real estate correction.”
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter's blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database . Our new book Miami's Great Condo Crash: A Chronicle of the Boom and Bust is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database.
Copyright © 2009 Condo Vultures® LLC, All Rights Reserved.
Monday, March 16, 2009
4.2% Surge In South Florida's Pending Sales
As the nation's financial stocks were hitting record lows on Wall Street, buyers flocked to South Florida residential real estate, sending the number of pending sales surging 4.2 percent in the last seven days ending March 16, according to a new report from Condo Vultures® LLC.
Buyers entered into 497 contracts on resale condominium units, townhouses, and single-family houses in Miami-Dade, Broward, and Palm Beach counties in the last week for an average of 71 deals per day.
The surge is the strongest volume of buying activity in recent memory, surpassing the previous high of 204 deals in a seven-day period ending March 9, according to the Condo Vultures® report compiled using Florida Association of Realtors data.
"South Florida's residential real estate market is benefitting from Wall Street's volatility," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "Buyers who are searching for a safe harbor are increasingly looking to pick off deeply discounted residential product in Miami-Dade, Broward, and Palm Beach counties. We should add the majority of the product that is transacting tends to be priced under $200,000 or greater than $1 million."
Single-family house contracts led the increased contract activity in South Florida with 281 properties going under contract in the tri-county region in the last week to push the total number of pending deals to 6,356, up 4.6 percent from the 6,075 on March 9.
Condo and townhouse contracts jumped 3.8 percent in the last week to 5,901 pending transactions on March 16 compared to 5,685 deals on March 9, according to the report.
As the number of pending transactions continues to grow, the number of available residential properties on the market in South Florida is being reduced.
South Florida now has 95,958 residential properties for resale, down -0.6 percent from the March 9 total of 96,582. On March 2, the region had 96,841 residences for resale, according to the report.
The number of single-family houses available for sale has slipped to 39,994 on March 16, down -1.3 percent from the 40,514 homes on the market on March 9 and the 40,839 for sale on March 2.
Condo units and townhouses slipped slightly to 55,964 on March 16 compared to 56,068 on March 9, according to the report.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2009, Condo Vultures® LLC
Buyers entered into 497 contracts on resale condominium units, townhouses, and single-family houses in Miami-Dade, Broward, and Palm Beach counties in the last week for an average of 71 deals per day.
The surge is the strongest volume of buying activity in recent memory, surpassing the previous high of 204 deals in a seven-day period ending March 9, according to the Condo Vultures® report compiled using Florida Association of Realtors data.
"South Florida's residential real estate market is benefitting from Wall Street's volatility," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "Buyers who are searching for a safe harbor are increasingly looking to pick off deeply discounted residential product in Miami-Dade, Broward, and Palm Beach counties. We should add the majority of the product that is transacting tends to be priced under $200,000 or greater than $1 million."
Single-family house contracts led the increased contract activity in South Florida with 281 properties going under contract in the tri-county region in the last week to push the total number of pending deals to 6,356, up 4.6 percent from the 6,075 on March 9.
Condo and townhouse contracts jumped 3.8 percent in the last week to 5,901 pending transactions on March 16 compared to 5,685 deals on March 9, according to the report.
As the number of pending transactions continues to grow, the number of available residential properties on the market in South Florida is being reduced.
South Florida now has 95,958 residential properties for resale, down -0.6 percent from the March 9 total of 96,582. On March 2, the region had 96,841 residences for resale, according to the report.
The number of single-family houses available for sale has slipped to 39,994 on March 16, down -1.3 percent from the 40,514 homes on the market on March 9 and the 40,839 for sale on March 2.
Condo units and townhouses slipped slightly to 55,964 on March 16 compared to 56,068 on March 9, according to the report.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2009, Condo Vultures® LLC
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