BY ERIK BOJNANSKY
Special Correspondent
CondoVultures.com
Eight months ago, hardly anyone knew or cared about Chinese drywall. And eight months later, the full impact of this imported building material that has been blamed for metal corrosion, electrical mishaps and health problems is still unknown, according to CondoVultures.com.
Most agree, however, that Chinese drywall will have a huge negative impact on South Florida's already troubled real estate market and any home built with significant amounts of it may be worthless.
"It's a huge problem," said Randall Jimenez, owner of Under Pressure Home Services, a Fort Lauderdale company that cleans up and manages foreclosed homes for banks. "No one has real answers to this problem and no one wants to say anything yet."
The true number of homes constructed with Chinese drywall remains uncertain but estimates suggest that between 35,000 and 100,000 homes and commercial properties across the United States, Canada and the Bahamas were made from this material.
The adverse affects of Chinese drywall was first discovered in homes located within the Sunshine State in January 2009.
Colson Hicks Eidson attorney Elvin Gonzalez, who has been representing hundreds of clients with drywall problems, suspects there may be 35,000 homes infected in Florida alone with large pockets in Miami-Dade, Broward and Palm Beach counties.
"Broward is very, very hard hit," Gonzalez said.
Read More
Showing posts with label south beach. Show all posts
Showing posts with label south beach. Show all posts
Thursday, June 25, 2009
Saturday, May 30, 2009
$14 Million In South Beach Foreclosures Filed In May
Nearly three-dozen residences in Miami Beach's South Beach neighborhood slipped into foreclosure in May for nonpayment on nearly $14.3 million in combined mortgage financing, according to the Condo Vultures® Foreclosure Database™.
The most expensive foreclosure action filed in May was against a waterfront single-family house with an outstanding loan amount of $4.3 million. A few doors down a bank filed to foreclose on a $1.1 million loan, which ranks as the third highest foreclosure action filed in May in South Beach.
A luxury condo with an outstanding loan of $1.6 million in Miami Beach's South of Fifth neighborhood ranked as the second highest foreclosure action filed in May, according to the Foreclosure Database™.
"Single-family houses accounted for two of the 34 foreclosure actions filed in South Beach in May," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "For the year, condos have accounted for more than 90 percent of the 176 foreclosure actions filed in South Beach through the end of May."
Nearly half of the May foreclosures in South Beach are located on four streets: West Avenue (7 filings); Collins Avenue (4 filings); Ocean Drive (2 filings), Lincoln Road (2 filings). The remainder of the foreclosure actions are spread throughout the barrier island neighborhood.
Overall, lenders moved to foreclose 81 properties in Miami Beach in May, up from efforts to repossess 112 properties in April. For the year, lenders have filed 463 actions against Miami Beach properties, according to the Condo Vultures® Foreclosure Database™.
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 most expensive foreclosure action filed in May was against a waterfront single-family house with an outstanding loan amount of $4.3 million. A few doors down a bank filed to foreclose on a $1.1 million loan, which ranks as the third highest foreclosure action filed in May in South Beach.
A luxury condo with an outstanding loan of $1.6 million in Miami Beach's South of Fifth neighborhood ranked as the second highest foreclosure action filed in May, according to the Foreclosure Database™.
"Single-family houses accounted for two of the 34 foreclosure actions filed in South Beach in May," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "For the year, condos have accounted for more than 90 percent of the 176 foreclosure actions filed in South Beach through the end of May."
Nearly half of the May foreclosures in South Beach are located on four streets: West Avenue (7 filings); Collins Avenue (4 filings); Ocean Drive (2 filings), Lincoln Road (2 filings). The remainder of the foreclosure actions are spread throughout the barrier island neighborhood.
Overall, lenders moved to foreclose 81 properties in Miami Beach in May, up from efforts to repossess 112 properties in April. For the year, lenders have filed 463 actions against Miami Beach properties, according to the Condo Vultures® Foreclosure Database™.
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
Saturday, April 25, 2009
7 Luxury South Beach Condos Being Foreclosed
Miami Beach's exclusive South of Fifth neighborhood in South Beach isn't even immune from the foreclosure epidemic hitting South Florida.
Lenders since January have initiated foreclose proceedings worth a combined $7.4 million against five luxury Miami Beach condominium units in the exclusive South of Fifth neighborhood of the barrier island city, according to a new report from Condo Vultures® LLC based on data from its Foreclosure Database™.
Lenders are owed more than $4.1 million on two units in the bayfront Murano Grande condominium, and $3.3 million on three units in the oceanfront Continuum on South Beach project.
"Many people will be surprised to learn that foreclosures are an issue even at two of South Beach's most exclusive addresses," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "After all, the Continuum and the Murano Grande are high-end luxury towers where celebrities, dignitaries, and successful business leaders have a second, third, or fifth residence."
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.
In the first four months of 2009, lenders have filed to foreclose on nine luxury condominiums in Miami Beach valued at more than $1 million each. In addition to the foreclosures at the Continuum and the Murano Grande, lenders have filed foreclosure actions against borrowers in the gated island community of Aqua and the boutique oceanfront tower Mosaic, according to the Foreclosure Database™.
Overall, there have been 25 foreclosure actions filed against Miami Beach properties valued at more than $1 million.
Aside from the nine condos with a combined outstanding loan amount of $12.1 million, lenders are moving to foreclose on 16 single-family houses and condo projects valued at more than $37 million, 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
Lenders since January have initiated foreclose proceedings worth a combined $7.4 million against five luxury Miami Beach condominium units in the exclusive South of Fifth neighborhood of the barrier island city, according to a new report from Condo Vultures® LLC based on data from its Foreclosure Database™.
Lenders are owed more than $4.1 million on two units in the bayfront Murano Grande condominium, and $3.3 million on three units in the oceanfront Continuum on South Beach project.
"Many people will be surprised to learn that foreclosures are an issue even at two of South Beach's most exclusive addresses," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "After all, the Continuum and the Murano Grande are high-end luxury towers where celebrities, dignitaries, and successful business leaders have a second, third, or fifth residence."
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.
In the first four months of 2009, lenders have filed to foreclose on nine luxury condominiums in Miami Beach valued at more than $1 million each. In addition to the foreclosures at the Continuum and the Murano Grande, lenders have filed foreclosure actions against borrowers in the gated island community of Aqua and the boutique oceanfront tower Mosaic, according to the Foreclosure Database™.
Overall, there have been 25 foreclosure actions filed against Miami Beach properties valued at more than $1 million.
Aside from the nine condos with a combined outstanding loan amount of $12.1 million, lenders are moving to foreclose on 16 single-family houses and condo projects valued at more than $37 million, 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
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
Subscribe to:
Posts (Atom)
