Greater Miami, the epicenter of the Florida housing crash, now has fewer than 10,000 single-family houses for resale following a 1.5 percent drop in inventory in the last week, according to a new report from Condo Vultures® LLC.
In Miami-Dade County there are 9,998 single-family houses for resale, down from 10,154 houses on July 27 and 10,301 houses on July 20. Back in November, there were 16,554 houses for resale in Miami-Dade County during the week of Thanksgiving, according to the Condo Vultures® report produced using Florida Association of Realtors data.
"First-time home buyers and investors are buying up appropriately priced homes," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "All things being equal, buyers are opting for single-family homes at a greater rate than condominium units and townhouses."
Of the 75,792 residences for resale in the tricounty South Florida region, single-family houses account for 39 percent, or 29,408, of the total inventory. Condominium units and townhouses account for the remaining 61 percent, or 46,384 resales, according to the report.
On a county-by-county basis, Palm Beach leads the region with the greatest number of single-family houses for resale with 10,202. Miami-Dade is second, and Broward is third with 9,208 single-family houses for resale.
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ 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 inventory. Show all posts
Showing posts with label inventory. Show all posts
Monday, August 3, 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."
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
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.
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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
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.
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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
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 9, 2009
Condo Resale Inventory Drops Below 50,000 In South Florida
The number of resale condos available in South Florida has slipped below the 50,000-unit threshold, representing more than a 18 percent drop in total inventory since November, according to a new report from Condo Vultures® LLC.
As of June 8, there are a combined 49,746 condos and townhouses on the resale market in the tri-county South Florida region. A week prior on June 1, there were 50,071 condos available. A month ago on May 11, there were 51,581 condos for sale. Back in November, there were 60,928 condos for resale, according to the Condo Vultures® report created using Florida Association of Realtors data.
"Before the South Florida condo market can stabilize, the overall inventory must first be reduced," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "It is significant psychologically for the region to see the condo resale inventory slip below 50,000 units. Going forward, we see the resale inventory being depleted at a more rapid pace in the coastal submarkets of South Florida compared to the western suburbs, which are far removed from the ocean. "
Condos represent 60 percent of the total South Florida residential resale inventory of 82,792 residences as of June 8, according to Condo Vultures®. South Florida's total inventory of condos, townhouses, and single-family houses is down 23 percent, or 24,735, since Thanksgiving week in November when there were 107,527 residences for resale.
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
As of June 8, there are a combined 49,746 condos and townhouses on the resale market in the tri-county South Florida region. A week prior on June 1, there were 50,071 condos available. A month ago on May 11, there were 51,581 condos for sale. Back in November, there were 60,928 condos for resale, according to the Condo Vultures® report created using Florida Association of Realtors data.
"Before the South Florida condo market can stabilize, the overall inventory must first be reduced," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "It is significant psychologically for the region to see the condo resale inventory slip below 50,000 units. Going forward, we see the resale inventory being depleted at a more rapid pace in the coastal submarkets of South Florida compared to the western suburbs, which are far removed from the ocean. "
Condos represent 60 percent of the total South Florida residential resale inventory of 82,792 residences as of June 8, according to Condo Vultures®. South Florida's total inventory of condos, townhouses, and single-family houses is down 23 percent, or 24,735, since Thanksgiving week in November when there were 107,527 residences for resale.
Read More
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Tuesday, May 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
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
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
Tuesday, April 14, 2009
South Florida Inventory Drops By 1,000 Residences In Week
Nearly 1,000 more residential properties came off the market than went on in South Florida in the last seven days, dragging the total resale inventory down 1 percent to 91,000 condos, townhouses, and single-family houses, according to a new report from Condo Vultures® LLC.
The decrease in residential inventory in Miami-Dade, Broward, and Palm Beach counties means there are now 91,820 properties on the market as of April 13 compared to 92,792 properties on April 6. At the end of the first quarter, there were 94,526 resales on the market on March 30, according to the Condo Vultures® report.
Pending sales in the last week increased by 2.2 percent to 13,585 transactions on April 13, compared to 13,298 contracts on April 6 and 12,985 deals on March 30, according to the report.
On Nov. 24, 2008, when Condo Vultures first began tracking active listings and pending sales on a weekly basis, South Florida had 107,527 residential properties on the market and 9,302 pending sales, according to the report.
"In the last five months, we have experienced a 14.6 percent decrease in available inventory and a 46 percent increase in pending sales," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
Single-family houses represent the biggest drop in overall residential inventory, dropping to 37,779 residences on the resale market on April 13 compared to 38,323 homes on April 6 and 39,233 available houses on March 30, according to the report.
Pending sales of single-family houses have climbed to 6,987 deals on April 13, compared to 6,879 on April 6 and 6,713 deals on March 30, according to the report.
The resale condominium and townhouse inventory has fallen to 54,041 units on April 13 compared to 54,469 on April 6 and 55,293 on March 30, according to the report.
Pending sales of condominium units and townhouses are up to 6,598 units on April 13 compared to 6,419 units under contract on April 6 and 6,272 units on March 30, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
The decrease in residential inventory in Miami-Dade, Broward, and Palm Beach counties means there are now 91,820 properties on the market as of April 13 compared to 92,792 properties on April 6. At the end of the first quarter, there were 94,526 resales on the market on March 30, according to the Condo Vultures® report.
Pending sales in the last week increased by 2.2 percent to 13,585 transactions on April 13, compared to 13,298 contracts on April 6 and 12,985 deals on March 30, according to the report.
On Nov. 24, 2008, when Condo Vultures first began tracking active listings and pending sales on a weekly basis, South Florida had 107,527 residential properties on the market and 9,302 pending sales, according to the report.
"In the last five months, we have experienced a 14.6 percent decrease in available inventory and a 46 percent increase in pending sales," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
Single-family houses represent the biggest drop in overall residential inventory, dropping to 37,779 residences on the resale market on April 13 compared to 38,323 homes on April 6 and 39,233 available houses on March 30, according to the report.
Pending sales of single-family houses have climbed to 6,987 deals on April 13, compared to 6,879 on April 6 and 6,713 deals on March 30, according to the report.
The resale condominium and townhouse inventory has fallen to 54,041 units on April 13 compared to 54,469 on April 6 and 55,293 on March 30, according to the report.
Pending sales of condominium units and townhouses are up to 6,598 units on April 13 compared to 6,419 units under contract on April 6 and 6,272 units on March 30, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Wednesday, April 8, 2009
South Florida Inventory Falls 1.8% To 92,000 Homes
The number of single-family houses, condominium units, and townhouses on the market in South Florida decreased by 1.8 percent on a week-over-week basis ending April 6, according to a new report from Condo Vultures® LLC.
Miami-Dade, Broward, and Palm Beach counties have a combined 92,792 resale residential properties on the market compared to 94,526 a week earlier ending March 30. A fortnight ago on March 23, there were 95,409 residential properties on the market, according to the report.
As the number of available properties has consistently fallen every week, the number of pending sales is strengthening.
There were 13,298 pending sales in South Florida in the process of closing on April 6, up 2.4 percent from the 12,985 potential deals on March 30. On March 23, the number of South Florida pending sales totaled 12,576 properties, according to the report.
"The appetite of all-cash buyers willing to purchase deeply discounted properties is not weakening," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "If anything, the appetite of buyers is growing stronger."
Every Monday since the Nov. 24, 2008, Condo Vultures® has tapped into the Florida Association of Realtors Multiple Listing Service to obtain a glimpse of the South Florida real estate market.
The basis of the original report is 107,527 active available residential resales and 9,302 pending sales on the Multiple Listing Service.
In the five months since the report has been produced on a weekly basis, the number of active residential resales has dropped by 13.7 percent, or 14,735 properties, in South Florida. Pending sales have increased by 43 percent, or 3,996 properties.
Single-family houses are experiencing the biggest drop in inventory, falling 17.8 percent since November to 38,323 properties from 46,599 in November. Pending sales on single-family houses during that same period have increased by 41.3 percent to 6,879 on April 6 compared to 4,868 houses in November, according to the report.
Available condo and townhouse inventory has decreased at a slower pace of 10.6 percent to 54,469 units on April 6 compared to 60,928 units in November. Pending sales of South Florida condos and townhouses have increased by 44.8 percent to 6,419 possible transactions on April 6 compared to 4,434 contracts on Nov. 24, 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™ is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Miami-Dade, Broward, and Palm Beach counties have a combined 92,792 resale residential properties on the market compared to 94,526 a week earlier ending March 30. A fortnight ago on March 23, there were 95,409 residential properties on the market, according to the report.
As the number of available properties has consistently fallen every week, the number of pending sales is strengthening.
There were 13,298 pending sales in South Florida in the process of closing on April 6, up 2.4 percent from the 12,985 potential deals on March 30. On March 23, the number of South Florida pending sales totaled 12,576 properties, according to the report.
"The appetite of all-cash buyers willing to purchase deeply discounted properties is not weakening," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "If anything, the appetite of buyers is growing stronger."
Every Monday since the Nov. 24, 2008, Condo Vultures® has tapped into the Florida Association of Realtors Multiple Listing Service to obtain a glimpse of the South Florida real estate market.
The basis of the original report is 107,527 active available residential resales and 9,302 pending sales on the Multiple Listing Service.
In the five months since the report has been produced on a weekly basis, the number of active residential resales has dropped by 13.7 percent, or 14,735 properties, in South Florida. Pending sales have increased by 43 percent, or 3,996 properties.
Single-family houses are experiencing the biggest drop in inventory, falling 17.8 percent since November to 38,323 properties from 46,599 in November. Pending sales on single-family houses during that same period have increased by 41.3 percent to 6,879 on April 6 compared to 4,868 houses in November, according to the report.
Available condo and townhouse inventory has decreased at a slower pace of 10.6 percent to 54,469 units on April 6 compared to 60,928 units in November. Pending sales of South Florida condos and townhouses have increased by 44.8 percent to 6,419 possible transactions on April 6 compared to 4,434 contracts on Nov. 24, 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™ is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Monday, March 30, 2009
South Florida Resale Inventory Falls 1% To 94,000 Residences
As the South Florida winter tourism season enters its last month, buying activity in the residential real estate markets of Miami-Dade, Broward, and Palm Beach counties is only intensifying.
South Florida's residential resale inventory of condominium units, townhouses, and single-family houses dropped by nearly 1 percent in the last week to the 94,526 properties on March 30 compared to 95,409 properties on March 23. At the beginning of the winter tourism season on Nov. 24, 2008, South Florida had 107,527 properties on the market, according to a new report from Condo Vultures® LLC.
Pending sales of residential real estate are also on the rise throughout the tri-county region. In the last week, South Florida pending sales increased by more than 3 percent to 12,985 on March 30 compared to 12,576 on March 23. At the beginning of the winter tourism season, pending sales in the region totaled 9,302, according to the report.
"South Florida's residential real estate market is in flux," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "As the bad news about the U.S. economy and stock market continues to get worse, demand for South Florida properties just keeps strengthening."
Broward County, where Fort Lauderdale is located, is realizing the greatest buying activity in percentage terms.
Pending sales in Broward are up 4.7 percent in the last week to 4,849 on March 30 compared to 4,633 on March 23.
By comparison, pending residential transactions are up 2.6 percent in Palm Beach County to 2,445 on March 30 compared to 2,384 on March 23. In Miami-Dade, pending sales are up 2.4 percent to 5,691 on March 30 compared to 5,559 on March 23, according to the report.
The number of available properties in Broward has slipped by 1.2 percent in the last week to 31,549 on March 30 compared to 31,921 on March 23. The current number of available resale properties in Broward is down 14.6 percent from Nov. 24 when the total inventory was 36,926 properties, according to the report.
Miami-Dade's available residential inventory dropped by 0.9 percent in the last week to 35,268 properties on March 30 compared to 35,581 on March 23. On Nov. 24, Miami-Dade had 40,994 properties for sale.
Palm Beach County is experiencing the slowest pace of inventory depletion.
Active listings in Palm Beach County stand at 27,709 properties, down 0.7 percent from 27,907 properties on March 23 and 29,607 properties on Nov. 24, 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 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
South Florida's residential resale inventory of condominium units, townhouses, and single-family houses dropped by nearly 1 percent in the last week to the 94,526 properties on March 30 compared to 95,409 properties on March 23. At the beginning of the winter tourism season on Nov. 24, 2008, South Florida had 107,527 properties on the market, according to a new report from Condo Vultures® LLC.
Pending sales of residential real estate are also on the rise throughout the tri-county region. In the last week, South Florida pending sales increased by more than 3 percent to 12,985 on March 30 compared to 12,576 on March 23. At the beginning of the winter tourism season, pending sales in the region totaled 9,302, according to the report.
"South Florida's residential real estate market is in flux," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "As the bad news about the U.S. economy and stock market continues to get worse, demand for South Florida properties just keeps strengthening."
Broward County, where Fort Lauderdale is located, is realizing the greatest buying activity in percentage terms.
Pending sales in Broward are up 4.7 percent in the last week to 4,849 on March 30 compared to 4,633 on March 23.
By comparison, pending residential transactions are up 2.6 percent in Palm Beach County to 2,445 on March 30 compared to 2,384 on March 23. In Miami-Dade, pending sales are up 2.4 percent to 5,691 on March 30 compared to 5,559 on March 23, according to the report.
The number of available properties in Broward has slipped by 1.2 percent in the last week to 31,549 on March 30 compared to 31,921 on March 23. The current number of available resale properties in Broward is down 14.6 percent from Nov. 24 when the total inventory was 36,926 properties, according to the report.
Miami-Dade's available residential inventory dropped by 0.9 percent in the last week to 35,268 properties on March 30 compared to 35,581 on March 23. On Nov. 24, Miami-Dade had 40,994 properties for sale.
Palm Beach County is experiencing the slowest pace of inventory depletion.
Active listings in Palm Beach County stand at 27,709 properties, down 0.7 percent from 27,907 properties on March 23 and 29,607 properties on Nov. 24, 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 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
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
Tuesday, March 10, 2009
Miami Single-Family House Contracts Spike 3% In A Week
Spooked by the violent swings of the U.S. stock market combined with plummeting real estate prices, buyers moved aggressively in the last week to purchase single-family houses in Greater Miami, according to a new report from Condo Vultures® LLC.
The number of single-family houses under contract in Miami-Dade County increased 3 percent in the last seven-day period ending March 9, according to the report from the Bal Harbour, Fla.-based consultancy using data from the Florida Association of Realtors.
In Miami-Dade, there are now 2,682 houses under contract, up from 2,603 on March 2. That's a net increase on a weekly basis in pending sales of 79 properties, or an average of 11 new contracts per day.
Pending contracts in Broward County, where Fort Lauderdale is located, are also on the rise, increasing 1.2 percent in the last seven day period ending March 9. In Broward, there are now 2,222 pending contracts on single-family homes, up from 2,195 contracts on March 2.
Palm Beach County, where West Palm Beach and Boca Raton are located, experienced a 0.3 percent decrease in pending sales to 1,171 contracts on March 9 compared to 1,174 accepted offers on March 2, according to the report.
"Single-family houses are the product of choice for today's buyers," said Peter Zalewski, a principal with Condo Vultures® LLC. "In terms of where buyers are focusing their efforts, Miami-Dade is the clear focal point with Broward second. Palm Beach is a distant third in terms of buyer interest based on pending contracts."
Surging single-family house sales in Miami-Dade and Broward combined with minimal changes in Palm Beach have worked to put all three counties into a statistical tie in terms of available inventory.
Each of the three South Florida counties has slightly more than 33 percent of the 40,514 single-family houses on the market as of March 9, according to Condo Vultures®.
Miami-Dade, considered by most to be the epicenter of Florida real estate downturn, has 13,881 single-family houses for sale, down -1.2 percent from the 14,044 available properties the previous week ending March 2.
Broward has 13,351 houses for sale, down -0.9 percent from 13,468 homes the previous week ending March 2.
Palm Beach County has 13,282 houses for resale, down 0.3 percent from the 13,327 single-family homes the previous week ending March 2.
On the condo and townhouse front, South Florida has 56,068 residential properties for sale, an increase of 0.1 percent, or 66 units, on a week-over-week basis ending March 9.
Condo and townhouse inventory remained steady in Miami-Dade (22,144 units for resale for a 0 percent change) and Broward (19,030 units for resale for a 0 percent change) while increasing 0.5 percent in Palm Beach to 14,894 units in a week from 14,823 condos on March 2, according to the report.
The tri-county South Florida region has 96,582 single-family houses, condominium units, and townhouses for resale, down 0.3 percent from 96,841 properties available on March 2. The week of Thanksgiving - Nov. 24 - there were 107,527 residential properties for sale, according to the report.
Pending sales of condos and townhouses increased by 1.8 percent in the last week to 5,685 deals, from 5,584 binding contracts on March 2.
Palm Beach experienced a 3.4 percent surge in pending sales to 1,077 deals on March 9 from 1,042 on March 2.
Pending contracts increased 2.6 percent in the last seven days in Broward to 2,051 deals on March 9 compared to 1,999 on March 2.
Pending deals were up 0.6 percent in Miami-Dade to 2,557 contracts on March 9 compared to 2,543 on March 2, according to the report.
There are currently 11,760 pending residential resale deals in South Florida, up 1.8 percent from the 11,556 existing contracts on March 2. For comparison, consider on Nov. 24 - Thanksgiving week - South Florida had 9,302 pending contracts.
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
The number of single-family houses under contract in Miami-Dade County increased 3 percent in the last seven-day period ending March 9, according to the report from the Bal Harbour, Fla.-based consultancy using data from the Florida Association of Realtors.
In Miami-Dade, there are now 2,682 houses under contract, up from 2,603 on March 2. That's a net increase on a weekly basis in pending sales of 79 properties, or an average of 11 new contracts per day.
Pending contracts in Broward County, where Fort Lauderdale is located, are also on the rise, increasing 1.2 percent in the last seven day period ending March 9. In Broward, there are now 2,222 pending contracts on single-family homes, up from 2,195 contracts on March 2.
Palm Beach County, where West Palm Beach and Boca Raton are located, experienced a 0.3 percent decrease in pending sales to 1,171 contracts on March 9 compared to 1,174 accepted offers on March 2, according to the report.
"Single-family houses are the product of choice for today's buyers," said Peter Zalewski, a principal with Condo Vultures® LLC. "In terms of where buyers are focusing their efforts, Miami-Dade is the clear focal point with Broward second. Palm Beach is a distant third in terms of buyer interest based on pending contracts."
Surging single-family house sales in Miami-Dade and Broward combined with minimal changes in Palm Beach have worked to put all three counties into a statistical tie in terms of available inventory.
Each of the three South Florida counties has slightly more than 33 percent of the 40,514 single-family houses on the market as of March 9, according to Condo Vultures®.
Miami-Dade, considered by most to be the epicenter of Florida real estate downturn, has 13,881 single-family houses for sale, down -1.2 percent from the 14,044 available properties the previous week ending March 2.
Broward has 13,351 houses for sale, down -0.9 percent from 13,468 homes the previous week ending March 2.
Palm Beach County has 13,282 houses for resale, down 0.3 percent from the 13,327 single-family homes the previous week ending March 2.
On the condo and townhouse front, South Florida has 56,068 residential properties for sale, an increase of 0.1 percent, or 66 units, on a week-over-week basis ending March 9.
Condo and townhouse inventory remained steady in Miami-Dade (22,144 units for resale for a 0 percent change) and Broward (19,030 units for resale for a 0 percent change) while increasing 0.5 percent in Palm Beach to 14,894 units in a week from 14,823 condos on March 2, according to the report.
The tri-county South Florida region has 96,582 single-family houses, condominium units, and townhouses for resale, down 0.3 percent from 96,841 properties available on March 2. The week of Thanksgiving - Nov. 24 - there were 107,527 residential properties for sale, according to the report.
Pending sales of condos and townhouses increased by 1.8 percent in the last week to 5,685 deals, from 5,584 binding contracts on March 2.
Palm Beach experienced a 3.4 percent surge in pending sales to 1,077 deals on March 9 from 1,042 on March 2.
Pending contracts increased 2.6 percent in the last seven days in Broward to 2,051 deals on March 9 compared to 1,999 on March 2.
Pending deals were up 0.6 percent in Miami-Dade to 2,557 contracts on March 9 compared to 2,543 on March 2, according to the report.
There are currently 11,760 pending residential resale deals in South Florida, up 1.8 percent from the 11,556 existing contracts on March 2. For comparison, consider on Nov. 24 - Thanksgiving week - South Florida had 9,302 pending contracts.
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
Tuesday, March 3, 2009
South Florida Residential Inventory Drops Below 97,000
South Florida's residential resale inventory has fallen 1.3 percent in the last week to 96,841 single-family houses, townhouses, and condominium units in the tri-county region of Miami-Dade, Broward, and Palm Beach counties, according to a new report from Condo Vultures® LLC.
A month ago on Feb. 2, there were 99,033 residences for sale in the region, and three months ago on Dec. 1 there were 106,420 single-family houses, townhouses, and condominium units for sale in South Florida, according to Condo Vultures®.
In the last seven days, the number of actively available South Florida resale properties declined by 187 residences per day or 1,312 single-family houses, townhouses, and condominium units.
For the last 90 days, the residential inventory has been on a reduction pace 106 properties per day for a total of 9,579.
"The fact that inventory continues to drop by more than 1 percent a week in a market where financing is nonexistent is worth monitoring," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Inventory is falling nowhere near the rate of the peak of the market in 2005 when housing was challenging to find. At the same time, if the available South Florida resale inventory continues to slip by a net of 106 properties or more a day, the total drop for the year would be nearly around 39,000 residences.
"That is assuming there isn't an surge in buyers if and when financing is restored to the market."
On a county-by-county basis, Broward County led the region in terms of the fastest falling inventory with a decrease of 1.5 percent to 32,500, down from 33,010 on Feb. 23.
Miami-Dade County was second with a 1.4 percent drop in inventory to 36,191 on March 2 compared to 36,706 resale properties on Feb. 23. Palm Beach County's inventory slipped by 1.0 percent to 28,150 on March 2 compared to 28,437 properties on Feb. 23, according to the report.
As inventory drops, the number of pending sales continues to ramp up, increasing by 1.4 percent in the last week. On March 2, South Florida had 11,556 pending sales compared to 11,397 on Feb. 23, and 10,362 a month ago on Feb. 2, according to the report.
Palm Beach County is leading the region, in terms of percentage growth, in the number of pending sales. In the last week, Palm Beach County experienced a 1.7 percent surge to 2,216 pending sales on March 2 compared to 2,178 on Feb. 23.
Miami-Dade and Broward counties both experienced growth of 1.3 percent in pending sales.
Miami-Dade has 5,146 pending resales as of March 2 compared to 5,080 on Feb. 23 and 4,755 on Feb. 2. Broward has 4,194 pending resales compared to 4,139 a week ago on Feb. 23 and 3,698 on Feb. 2, 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
A month ago on Feb. 2, there were 99,033 residences for sale in the region, and three months ago on Dec. 1 there were 106,420 single-family houses, townhouses, and condominium units for sale in South Florida, according to Condo Vultures®.
In the last seven days, the number of actively available South Florida resale properties declined by 187 residences per day or 1,312 single-family houses, townhouses, and condominium units.
For the last 90 days, the residential inventory has been on a reduction pace 106 properties per day for a total of 9,579.
"The fact that inventory continues to drop by more than 1 percent a week in a market where financing is nonexistent is worth monitoring," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Inventory is falling nowhere near the rate of the peak of the market in 2005 when housing was challenging to find. At the same time, if the available South Florida resale inventory continues to slip by a net of 106 properties or more a day, the total drop for the year would be nearly around 39,000 residences.
"That is assuming there isn't an surge in buyers if and when financing is restored to the market."
On a county-by-county basis, Broward County led the region in terms of the fastest falling inventory with a decrease of 1.5 percent to 32,500, down from 33,010 on Feb. 23.
Miami-Dade County was second with a 1.4 percent drop in inventory to 36,191 on March 2 compared to 36,706 resale properties on Feb. 23. Palm Beach County's inventory slipped by 1.0 percent to 28,150 on March 2 compared to 28,437 properties on Feb. 23, according to the report.
As inventory drops, the number of pending sales continues to ramp up, increasing by 1.4 percent in the last week. On March 2, South Florida had 11,556 pending sales compared to 11,397 on Feb. 23, and 10,362 a month ago on Feb. 2, according to the report.
Palm Beach County is leading the region, in terms of percentage growth, in the number of pending sales. In the last week, Palm Beach County experienced a 1.7 percent surge to 2,216 pending sales on March 2 compared to 2,178 on Feb. 23.
Miami-Dade and Broward counties both experienced growth of 1.3 percent in pending sales.
Miami-Dade has 5,146 pending resales as of March 2 compared to 5,080 on Feb. 23 and 4,755 on Feb. 2. Broward has 4,194 pending resales compared to 4,139 a week ago on Feb. 23 and 3,698 on Feb. 2, 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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