Condominium owners in Greater Downtown Miami can expect to see their assessed real estate values for property tax purposes drop by as much as 40 percent in the upcoming year based on early indications from Miami-Dade County Property Appraiser Pedro J. Garcia.
Garcia's office is currently assessing the value of every property in the county for 2008 property tax purposes, which are in arrears. Once these values are computed on July 1, government officials will then begin the process of levying taxes against every property owner in order to generate revenue to operate the county, school system, and local municipalities.
"Property taxes generally work out to be about 2 percent of the assessed value determined by Miami-Dade County Property Appraiser," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "For the property appraiser to suggest that condo values have fallen by as much as 40 percent is great news for our buyers who are already accumulating heavily discounted units. A property tax break should only improve the situation for our buyers."
Garcia told the Miami Herald that property values have plummeted throughout the county, especially in the overbuilt condominium market.
''Some will be down 20, 30, 40 percent,'' Garcia told the Miami Herald. ``I hope it won't hurt police and fire departments, but we'll have to really tighten our belts.''
In Greater Downtown Miami, for instance, developers constructed nearly 23,000 units between 2003 and the present. In the four decades prior between 1961 and 2002, developers constructed about 11,500 units, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.
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 single-family house. Show all posts
Showing posts with label single-family house. Show all posts
Wednesday, May 13, 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, 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
Friday, April 3, 2009
Foreclosure Database™ Launches With 132,000 Filings
More than 132,000 South Florida foreclosure filings and counting are now available in a realtime, searchable database created by the real estate consultancy Condo Vultures® LLC.
The Foreclosure Database™ provides the most up-to-date list of Lis Pendens and/or Notices of Default initiated in the volatile real estate markets of Miami-Dade, Broward, and Palm Beach counties.
With practically every one of the 227 foreclosure actions filed each business day in South Florida since 2007, the Foreclosure Database™ provides users with critical context and current information on projects, lenders, and borrowers that is essential in the due diligence process.
“The value of the Foreclosure Database™ comes in the ability to quickly pull up customized lists of addresses, owners, lenders, loan amounts, judgment amounts, and more that is searchable by county,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based advisory firm Condo Vultures®. “Every business day we upload the latest foreclosures filings to ensure that our clients have the most updated information possible.”
With about 5,000 foreclosure actions being filed every month in South Florida, many investors, appraisers, and lenders find it difficult to stay informed about the state of the market in a particular building, let alone a neighborhood or even a city.
The Foreclosure Database™ is proprietary software that was created to eliminate that anxiety by assisting decision makers to obtain a better understanding of the rapidly changing South Florida market.
Condo Vultures® attempts to accomplish this objective by providing users of the Foreclosure Database™ with the names of the buildings, the addresses, loan amounts, property values, the borrowers, the lenders, filing dates, and the plaintiff attorneys.
Founded in 2006, Condo Vultures® is the information company that has been releasing quarterly rankings of the top 10 South Florida condominium and townhouse projects with the highest number of foreclosures since 2007.
For the first-time ever, Condo Vultures® is making this valuable resource available to subscribers on a monthly basis with no contract for 30 days of unlimited access to the foreclosures being filed from Miami Beach north to West Palm Beach.
“Our mantra from the inception has been market intelligence,” said Zalewski, a former financial journalist who has lived in South Florida since October 1993. “We believe that accurate, current information always has an empowering effect on buyers, sellers, lenders, and appraisers in a real estate transaction. In today’s volatile South Florida market, accurate information more than ever is essential to buyers who are trying to capitalize on the real estate correction.”
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter's blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database . Our new book Miami's Great Condo Crash: A Chronicle of the Boom and Bust is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database.
Copyright © 2009 Condo Vultures® LLC, All Rights Reserved.
The Foreclosure Database™ provides the most up-to-date list of Lis Pendens and/or Notices of Default initiated in the volatile real estate markets of Miami-Dade, Broward, and Palm Beach counties.
With practically every one of the 227 foreclosure actions filed each business day in South Florida since 2007, the Foreclosure Database™ provides users with critical context and current information on projects, lenders, and borrowers that is essential in the due diligence process.
“The value of the Foreclosure Database™ comes in the ability to quickly pull up customized lists of addresses, owners, lenders, loan amounts, judgment amounts, and more that is searchable by county,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based advisory firm Condo Vultures®. “Every business day we upload the latest foreclosures filings to ensure that our clients have the most updated information possible.”
With about 5,000 foreclosure actions being filed every month in South Florida, many investors, appraisers, and lenders find it difficult to stay informed about the state of the market in a particular building, let alone a neighborhood or even a city.
The Foreclosure Database™ is proprietary software that was created to eliminate that anxiety by assisting decision makers to obtain a better understanding of the rapidly changing South Florida market.
Condo Vultures® attempts to accomplish this objective by providing users of the Foreclosure Database™ with the names of the buildings, the addresses, loan amounts, property values, the borrowers, the lenders, filing dates, and the plaintiff attorneys.
Founded in 2006, Condo Vultures® is the information company that has been releasing quarterly rankings of the top 10 South Florida condominium and townhouse projects with the highest number of foreclosures since 2007.
For the first-time ever, Condo Vultures® is making this valuable resource available to subscribers on a monthly basis with no contract for 30 days of unlimited access to the foreclosures being filed from Miami Beach north to West Palm Beach.
“Our mantra from the inception has been market intelligence,” said Zalewski, a former financial journalist who has lived in South Florida since October 1993. “We believe that accurate, current information always has an empowering effect on buyers, sellers, lenders, and appraisers in a real estate transaction. In today’s volatile South Florida market, accurate information more than ever is essential to buyers who are trying to capitalize on the real estate correction.”
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter's blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database . Our new book Miami's Great Condo Crash: A Chronicle of the Boom and Bust is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database.
Copyright © 2009 Condo Vultures® LLC, All Rights Reserved.
Monday, March 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
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