BY ERIK BOJNANSKY
Special Correspondent
CondoVultures.com
Somewhere within President Barack Obama's $820 billion stimulus plan is an $8,000 tax credit for first-time home buyers.
The way it works is this: Those who make less than $75,000 a year, or married couples making less than $150,000 a year, who haven't purchased a home in the last three years can qualify for an $8,000 credit come tax day if they buy a home valued at less than $200,000. Individuals who make less than $95,000 a year, or married couples earning less than $170,000 a year, may be able to qualify for partial credits. To take effect, the purchase must be made between Jan 1 and Dec. 1 of this year.
The question is, will the above tax credit help South Florida's troubled real estate economy?
The entire article is available at CondoVultures.com
Peter Zalewski is the founder of Condo Vultures®. Peter 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 rentals. Show all posts
Showing posts with label rentals. Show all posts
Saturday, May 2, 2009
Tuesday, April 28, 2009
Time To Buy Or Rent A Miami Condo? Find Out Tonight
Trying to get a better understanding about the current state of Miami's condominium market?
Not sure if this is the time to buy or continue to rent? Many of the answers to these questions and others will be discussed tonight, April 28, at a seminar and networking event hosted by Condo Vultures® LLC, a Bal Harbour, Fla.-based real estate consultancy, from 5.30 pm to 8 pm at the Doubletree Grand Hotel just north of Downtown Miami.
Condo Vultures® principal Peter Zalewski will be the keynote speaker. Zalewski, a real estate consultant, has appeared on several local, national, and international TV programs including ABC's Nightline, CBS' 60 Minutes, CNBC's Squawk on the Street, and Fox Business' America's Scoreboard.
The agenda will include a discussion of proprietary research collected by Condo Vultures® regarding the Miami condo market and the formal launch of the firm's newly published eBooks, The Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™.
A question and answer period will follow the keynote presentation. Discounted print editions of The Official Condo Buyers Guide To Miami™ will be available at the event.
For more information, please contact Condo Vultures® Seminar Director Muriel Sommers at 800-750-0517 or by email at msommers@condovultures.com.
Copyright 2009. Condo Vultures® LLC
Not sure if this is the time to buy or continue to rent? Many of the answers to these questions and others will be discussed tonight, April 28, at a seminar and networking event hosted by Condo Vultures® LLC, a Bal Harbour, Fla.-based real estate consultancy, from 5.30 pm to 8 pm at the Doubletree Grand Hotel just north of Downtown Miami.
Condo Vultures® principal Peter Zalewski will be the keynote speaker. Zalewski, a real estate consultant, has appeared on several local, national, and international TV programs including ABC's Nightline, CBS' 60 Minutes, CNBC's Squawk on the Street, and Fox Business' America's Scoreboard.
The agenda will include a discussion of proprietary research collected by Condo Vultures® regarding the Miami condo market and the formal launch of the firm's newly published eBooks, The Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™.
A question and answer period will follow the keynote presentation. Discounted print editions of The Official Condo Buyers Guide To Miami™ will be available at the event.
For more information, please contact Condo Vultures® Seminar Director Muriel Sommers at 800-750-0517 or by email at msommers@condovultures.com.
Copyright 2009. Condo Vultures® LLC
Monday, April 20, 2009
South Florida Residential Rental Inventory Stands At 27,000
More than 27,000 condos, townhouses, single-family houses are actively available for rent in South Florida at a median asking price of $1.25 per square foot per month, according to a new report from Condo Vultures® LLC.
The attractive rental prices have spurred strong leasing activity at an average of 110 residences per day since January in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties.
At this pace, the available inventory stands at approximately 246 days, or eight months, of rental supply, according to the Condo Vultures® report.
"South Florida's rental activity is surprisingly strong," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Today's tenants, some of which have lost their homes in foreclosure, are actively leasing up condos, townhouses, and single-family houses throughout the region, especially in the more expensive coastal areas."
Rental leasing trends, including a white paper examining the ratio of primary users versus tenants in Greater Downtown Miami's 83 new condominiums, is a trend that Zalewski is scheduled to address at an upcoming real estate seminar scheduled for 5.30 pm April 28 in Greater Downtown Miami.
Much like on the purchase and sale side of the real estate business, rental rates can vary dramatically depending upon the submarket where the property is located.
For example in Miami Beach's popular South Beach neighborhood, the median monthly rental rate is $2,200, or $2.34 per square foot, for a 940-square-foot apartment that was built more than 20 years ago.
Across the causeway in the overbuilt Greater Downtown Miami market, the median asking price for the never-lived-in-product is $1,825, or $1.65 per square foot, for a 1,105 square foot apartment, according to the report.
By comparison, the median asking price for a rental in the middle-class western suburb of Kendall is $1,425, or $1.15 per square foot, for a 1,260 square foot apartment. In the Northeastern Miami-Dade suburb of Aventura, the median asking price is $1,850, or $1.42 per square foot, for a 1,302 square foot condo, according to the report.
Overall, the median rental asking price in South Florida is $1,575, or $1.25 per square foot, per month.
On a county-by-county basis, the median asking price per month is $1,750, or $1.46 per square foot, in Miami-Dade; $1,300, or 95 cents per square foot, in Broward; and $1,600, or $1.21 per square foot, in Palm Beach, according to the report.
"The unanswered question is, will rental rates remain steady given the amount of available inventory?" Zalewski said.
South Florida has 27,027 residential properties for rent, with 10,891 located in Miami-Dade County, 7,876 situated in Broward County, and 8,260 properties in Palm Beach County.
Miami-Dade represents the largest chunk of available inventory with 40.3 percent of the regional total. Palm Beach County is second with 30.6 percent of the inventory, and Broward County is third with 29.1 percent of the inventory.
On a city-by-city basis, Fort Lauderdale has the greatest amount of available rentals with 1,694 properties. Greater Downtown Miami is second with 1,604 properties, and Miami Beach's popular South Beach neighborhood is third with 1,414 properties.
Rounding out the top five are Boca Raton with 1,405 rental properties and West Palm Beach with 1,302 properties.
Condo Vultures® Featured On CNBC's Squawk On The Street
CNBC's popular Steals and Deals segment featured Condo Vultures® on April 15 during the financial news network's Squawk On The Street program. The Steals and Deals segment focused on bank-owned condo units in Greater Miami that are now available at discounts as deep as 81 percent.
Miami Condo Trends Subject of Upcoming Seminar
Condo Vultures® is relaunching its seminar series on Tuesday, April 28, at the Doubletree Grand Hotel in Miami with a presentation by real estate consultant and broker Peter Zalewski. The agenda will include a discussion of proprietary research collected by Condo Vultures® regarding the South Florida condo market and the official launch of the firm's recently published eBooks, the the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™. For more information about attending, please visit the Upcoming Events section of CondoVultures.com.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. 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 attractive rental prices have spurred strong leasing activity at an average of 110 residences per day since January in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties.
At this pace, the available inventory stands at approximately 246 days, or eight months, of rental supply, according to the Condo Vultures® report.
"South Florida's rental activity is surprisingly strong," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Today's tenants, some of which have lost their homes in foreclosure, are actively leasing up condos, townhouses, and single-family houses throughout the region, especially in the more expensive coastal areas."
Rental leasing trends, including a white paper examining the ratio of primary users versus tenants in Greater Downtown Miami's 83 new condominiums, is a trend that Zalewski is scheduled to address at an upcoming real estate seminar scheduled for 5.30 pm April 28 in Greater Downtown Miami.
Much like on the purchase and sale side of the real estate business, rental rates can vary dramatically depending upon the submarket where the property is located.
For example in Miami Beach's popular South Beach neighborhood, the median monthly rental rate is $2,200, or $2.34 per square foot, for a 940-square-foot apartment that was built more than 20 years ago.
Across the causeway in the overbuilt Greater Downtown Miami market, the median asking price for the never-lived-in-product is $1,825, or $1.65 per square foot, for a 1,105 square foot apartment, according to the report.
By comparison, the median asking price for a rental in the middle-class western suburb of Kendall is $1,425, or $1.15 per square foot, for a 1,260 square foot apartment. In the Northeastern Miami-Dade suburb of Aventura, the median asking price is $1,850, or $1.42 per square foot, for a 1,302 square foot condo, according to the report.
Overall, the median rental asking price in South Florida is $1,575, or $1.25 per square foot, per month.
On a county-by-county basis, the median asking price per month is $1,750, or $1.46 per square foot, in Miami-Dade; $1,300, or 95 cents per square foot, in Broward; and $1,600, or $1.21 per square foot, in Palm Beach, according to the report.
"The unanswered question is, will rental rates remain steady given the amount of available inventory?" Zalewski said.
South Florida has 27,027 residential properties for rent, with 10,891 located in Miami-Dade County, 7,876 situated in Broward County, and 8,260 properties in Palm Beach County.
Miami-Dade represents the largest chunk of available inventory with 40.3 percent of the regional total. Palm Beach County is second with 30.6 percent of the inventory, and Broward County is third with 29.1 percent of the inventory.
On a city-by-city basis, Fort Lauderdale has the greatest amount of available rentals with 1,694 properties. Greater Downtown Miami is second with 1,604 properties, and Miami Beach's popular South Beach neighborhood is third with 1,414 properties.
Rounding out the top five are Boca Raton with 1,405 rental properties and West Palm Beach with 1,302 properties.
Condo Vultures® Featured On CNBC's Squawk On The Street
CNBC's popular Steals and Deals segment featured Condo Vultures® on April 15 during the financial news network's Squawk On The Street program. The Steals and Deals segment focused on bank-owned condo units in Greater Miami that are now available at discounts as deep as 81 percent.
Miami Condo Trends Subject of Upcoming Seminar
Condo Vultures® is relaunching its seminar series on Tuesday, April 28, at the Doubletree Grand Hotel in Miami with a presentation by real estate consultant and broker Peter Zalewski. The agenda will include a discussion of proprietary research collected by Condo Vultures® regarding the South Florida condo market and the official launch of the firm's recently published eBooks, the the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™. For more information about attending, please visit the Upcoming Events section of CondoVultures.com.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. 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
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