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
Showing posts with label pending sales. Show all posts
Showing posts with label pending sales. Show all posts
Tuesday, May 12, 2009
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
Wednesday, March 18, 2009
ICON Brickell's $679 Million Construction Loans Set To Mature
The Related Group is faced with $678.5 million of construction loans coming due on the massive three-tower ICON Brickell condo and condo-hotel project within the next eight months, according to the South Florida Business Journal.
A $502 million construction loan on two of the three towers in the ICON Brickell complex is scheduled to come due on June 18. Under the terms of the loan with HSBC Realty Credit Corp, the developer of the 1,820-unit complex can seek a six-month extension that would end on Dec. 18, according to the article.
A $176.5 million on a third tower in the complex is scheduled to mature on Nov. 16. It is unclear if there is a six-month extension option on that loan, according to the article.
"ICON Brickell has the potential to be one of Greater Downtown Miami's most important projects," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "The question unanswered is will it be profitable."
In the first three months of closings through Feb. 27, 2009, ICON Brickell has recorded 17 closed sales worth $13.1 million for an average of $770,576 per unit and $578 per square foot, according to the Miami-Dade County Clerk of the Courts.
At the current pace of six closings per month, the project would need about 300 months or more than two decades to close out. Industry watchers are confident the closing pace will increase significantly once mortgage financing is once again available in the Greater Downtown Miami market.
In the meantime, ICON Brickell has begun to lease - Condo Vultures® Realty LLC has several leases pending - developer-owned units to tenants interested in the living in the project designed by Internationally acclaimed French designer Philippe Starck.
Tenants are attracted by the overwhelming amenities that include as a two-acre pool deck with Japanese blueberry trees planted, three swimming pools including one that stretches 300 feet and another on the 50th floor of the west tower also known as ICON Brickell No. 3, five restaurants, seven bars, an outdoor fireplace, the largest hot tub in Florida, and a 28,000-square-foot spa and fitness center that features a massive indoor wading pool.
ICON Brickell is comprised of a north tower (57-stories), a South Tower (57-stories), and a West Tower (50-stories) located at 495 Brickell Ave. on the site of the former Sheraton Hotel.
The project is located between two parks, Brickell Park, named after the area influential pioneering family the Brickells, and the state-owned site on the south bank of the Miami River where the Tequesta Indian's ancient Miami Circle sundial is situated.
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 $502 million construction loan on two of the three towers in the ICON Brickell complex is scheduled to come due on June 18. Under the terms of the loan with HSBC Realty Credit Corp, the developer of the 1,820-unit complex can seek a six-month extension that would end on Dec. 18, according to the article.
A $176.5 million on a third tower in the complex is scheduled to mature on Nov. 16. It is unclear if there is a six-month extension option on that loan, according to the article.
"ICON Brickell has the potential to be one of Greater Downtown Miami's most important projects," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "The question unanswered is will it be profitable."
In the first three months of closings through Feb. 27, 2009, ICON Brickell has recorded 17 closed sales worth $13.1 million for an average of $770,576 per unit and $578 per square foot, according to the Miami-Dade County Clerk of the Courts.
At the current pace of six closings per month, the project would need about 300 months or more than two decades to close out. Industry watchers are confident the closing pace will increase significantly once mortgage financing is once again available in the Greater Downtown Miami market.
In the meantime, ICON Brickell has begun to lease - Condo Vultures® Realty LLC has several leases pending - developer-owned units to tenants interested in the living in the project designed by Internationally acclaimed French designer Philippe Starck.
Tenants are attracted by the overwhelming amenities that include as a two-acre pool deck with Japanese blueberry trees planted, three swimming pools including one that stretches 300 feet and another on the 50th floor of the west tower also known as ICON Brickell No. 3, five restaurants, seven bars, an outdoor fireplace, the largest hot tub in Florida, and a 28,000-square-foot spa and fitness center that features a massive indoor wading pool.
ICON Brickell is comprised of a north tower (57-stories), a South Tower (57-stories), and a West Tower (50-stories) located at 495 Brickell Ave. on the site of the former Sheraton Hotel.
The project is located between two parks, Brickell Park, named after the area influential pioneering family the Brickells, and the state-owned site on the south bank of the Miami River where the Tequesta Indian's ancient Miami Circle sundial is situated.
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
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