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 sunny isles beach. Show all posts
Showing posts with label sunny isles beach. Show all posts
Wednesday, May 13, 2009
Friday, April 17, 2009
South Florida REOs Jump 54% In Q1 2009
Banks repossessed through foreclosure more than 7,300 properties in the tri-county South Florida region in the first three months of 2009, representing a 54 percent increase over the number of properties taken back in 2008, according to a new report from Condo Vultures® LLC.
Lenders took ownership of a combined 2,355 properties in January, 2,432 properties in February, and 2,524 properties in March in Miami-Dade, Broward, and Palm Beach counties. At this pace, more than 29,000 properties would be repossessed in South Florida in 2009, according to the Condo Vultures® report.
"We actually expect the number of REOs to far surpass 30,000 in 2009," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Now that the government and lenders appear to be poised to allow many of the holiday-inspired foreclosure moratoriums to expire, we anticipate an uptick in the number of Lis Pendens and/or Notices of Default filings in the upcoming months."
Surprisingly, Miami-Dade County, considered by many to be the hardest hit real estate market in South Florida, no longer holds the distinction of having the most bank-owned properties in the tri-county region.
Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, wrestled away that distinction from Miami-Dade in 2009 with a 100 percent increase in REOs.
In the first 90 days of 2009, lenders took back 3,341 properties in Broward compared to 2,691 properties in Miami-Dade. In Palm Beach, lenders repossessed 1,279 properties.
By comparison, in the first quarter of 2008 lenders repossessed 2,395 properties in Miami-Dade, 1,671 properties in Broward, and 696 properties in Palm Beach, according to the report.
To repossess a property in South Florida, lenders must first file a Lis Pendens and/or Notice of Default with the circuit court in the county where the residence is located.
The filing initiates what is typically a six to nine month process that costs a lender an estimated $40,000 to $80,000.
The final step of the foreclosure process is a courthouse auction where a lender's financing position is available for purchase by the highest bidder based on a minimum judgment amount set by the court.
Many bidders often times fail to purchase a lender's financing position on a condo, townhouse, or single-family house as the debt owed on the foreclosed property by the borrower far exceeds the amount an investor would be willing to pay in today's distressed market.
It is at this point in the foreclosure process that the court formally transfers a property from the borrower to the lender, creating Real Estate Owned (REO) by a bank.
Once in control of a property, a bank settles all outstanding title issues including past-due condominium maintenance fees before ultimately selling off the REO property at a deep discount.
"REOs offer some of the deepest discounts available in the volatile South Florida real estate market," Zalewski said. "The drawback is, many of these properties are in need of work, whether it is renovating a residence damaged by a frustrated borrower or building out a never-lived-in condo unit. Still, the potential upside is great for those buyers who are willing to put in some sweat equity."
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
Lenders took ownership of a combined 2,355 properties in January, 2,432 properties in February, and 2,524 properties in March in Miami-Dade, Broward, and Palm Beach counties. At this pace, more than 29,000 properties would be repossessed in South Florida in 2009, according to the Condo Vultures® report.
"We actually expect the number of REOs to far surpass 30,000 in 2009," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Now that the government and lenders appear to be poised to allow many of the holiday-inspired foreclosure moratoriums to expire, we anticipate an uptick in the number of Lis Pendens and/or Notices of Default filings in the upcoming months."
Surprisingly, Miami-Dade County, considered by many to be the hardest hit real estate market in South Florida, no longer holds the distinction of having the most bank-owned properties in the tri-county region.
Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, wrestled away that distinction from Miami-Dade in 2009 with a 100 percent increase in REOs.
In the first 90 days of 2009, lenders took back 3,341 properties in Broward compared to 2,691 properties in Miami-Dade. In Palm Beach, lenders repossessed 1,279 properties.
By comparison, in the first quarter of 2008 lenders repossessed 2,395 properties in Miami-Dade, 1,671 properties in Broward, and 696 properties in Palm Beach, according to the report.
To repossess a property in South Florida, lenders must first file a Lis Pendens and/or Notice of Default with the circuit court in the county where the residence is located.
The filing initiates what is typically a six to nine month process that costs a lender an estimated $40,000 to $80,000.
The final step of the foreclosure process is a courthouse auction where a lender's financing position is available for purchase by the highest bidder based on a minimum judgment amount set by the court.
Many bidders often times fail to purchase a lender's financing position on a condo, townhouse, or single-family house as the debt owed on the foreclosed property by the borrower far exceeds the amount an investor would be willing to pay in today's distressed market.
It is at this point in the foreclosure process that the court formally transfers a property from the borrower to the lender, creating Real Estate Owned (REO) by a bank.
Once in control of a property, a bank settles all outstanding title issues including past-due condominium maintenance fees before ultimately selling off the REO property at a deep discount.
"REOs offer some of the deepest discounts available in the volatile South Florida real estate market," Zalewski said. "The drawback is, many of these properties are in need of work, whether it is renovating a residence damaged by a frustrated borrower or building out a never-lived-in condo unit. Still, the potential upside is great for those buyers who are willing to put in some sweat equity."
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
Tuesday, April 14, 2009
South Florida Inventory Drops By 1,000 Residences In Week
Nearly 1,000 more residential properties came off the market than went on in South Florida in the last seven days, dragging the total resale inventory down 1 percent to 91,000 condos, townhouses, and single-family houses, according to a new report from Condo Vultures® LLC.
The decrease in residential inventory in Miami-Dade, Broward, and Palm Beach counties means there are now 91,820 properties on the market as of April 13 compared to 92,792 properties on April 6. At the end of the first quarter, there were 94,526 resales on the market on March 30, according to the Condo Vultures® report.
Pending sales in the last week increased by 2.2 percent to 13,585 transactions on April 13, compared to 13,298 contracts on April 6 and 12,985 deals on March 30, according to the report.
On Nov. 24, 2008, when Condo Vultures first began tracking active listings and pending sales on a weekly basis, South Florida had 107,527 residential properties on the market and 9,302 pending sales, according to the report.
"In the last five months, we have experienced a 14.6 percent decrease in available inventory and a 46 percent increase in pending sales," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
Single-family houses represent the biggest drop in overall residential inventory, dropping to 37,779 residences on the resale market on April 13 compared to 38,323 homes on April 6 and 39,233 available houses on March 30, according to the report.
Pending sales of single-family houses have climbed to 6,987 deals on April 13, compared to 6,879 on April 6 and 6,713 deals on March 30, according to the report.
The resale condominium and townhouse inventory has fallen to 54,041 units on April 13 compared to 54,469 on April 6 and 55,293 on March 30, according to the report.
Pending sales of condominium units and townhouses are up to 6,598 units on April 13 compared to 6,419 units under contract on April 6 and 6,272 units on March 30, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
The decrease in residential inventory in Miami-Dade, Broward, and Palm Beach counties means there are now 91,820 properties on the market as of April 13 compared to 92,792 properties on April 6. At the end of the first quarter, there were 94,526 resales on the market on March 30, according to the Condo Vultures® report.
Pending sales in the last week increased by 2.2 percent to 13,585 transactions on April 13, compared to 13,298 contracts on April 6 and 12,985 deals on March 30, according to the report.
On Nov. 24, 2008, when Condo Vultures first began tracking active listings and pending sales on a weekly basis, South Florida had 107,527 residential properties on the market and 9,302 pending sales, according to the report.
"In the last five months, we have experienced a 14.6 percent decrease in available inventory and a 46 percent increase in pending sales," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
Single-family houses represent the biggest drop in overall residential inventory, dropping to 37,779 residences on the resale market on April 13 compared to 38,323 homes on April 6 and 39,233 available houses on March 30, according to the report.
Pending sales of single-family houses have climbed to 6,987 deals on April 13, compared to 6,879 on April 6 and 6,713 deals on March 30, according to the report.
The resale condominium and townhouse inventory has fallen to 54,041 units on April 13 compared to 54,469 on April 6 and 55,293 on March 30, according to the report.
Pending sales of condominium units and townhouses are up to 6,598 units on April 13 compared to 6,419 units under contract on April 6 and 6,272 units on March 30, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
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.
Tuesday, March 31, 2009
$23 Million Paid For 6 Waterfront Miami Beach Area Condos
Buyers paid a combined $23 million in March for six waterfront condominium units located on the Barrier Island just east of Downtown Miami, according to a new condo report from Condo Vultures® LLC.
There were four deals worth $13.2 million that occurred in Miami Beach, and two transactions worth $10 million that closed in Sunny Isles Beach, according to the condo report.
"Investors seem to be saying with these purchases that new waterfront housing on Miami's Barrier Island is a great hedge against a volatile real estate market," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
In trendy Miami Beach, Buyers closed on three transactions in the Capri South Beach for a combined $9.4 million, and one deal at the Apogee for $3.75 million.
Buyers in Sunny Isles Beach paid $5.25 million for a 5,030-square-foot penthouse at the Sayan, and $4.75 million for a two-story unit in the newly opened Jade Beach, according to the condo report.
Four of the transactions closed with cash but two involved financing.
A balloon mortgage for $4 million was provided on the $5.25 million unit at the Sayan, and an Adjustable Rate Mortgage in the amount of $500,000 was extended on a $2.36 million purchase at the Capri South Beach, according to the condo 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
There were four deals worth $13.2 million that occurred in Miami Beach, and two transactions worth $10 million that closed in Sunny Isles Beach, according to the condo report.
"Investors seem to be saying with these purchases that new waterfront housing on Miami's Barrier Island is a great hedge against a volatile real estate market," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
In trendy Miami Beach, Buyers closed on three transactions in the Capri South Beach for a combined $9.4 million, and one deal at the Apogee for $3.75 million.
Buyers in Sunny Isles Beach paid $5.25 million for a 5,030-square-foot penthouse at the Sayan, and $4.75 million for a two-story unit in the newly opened Jade Beach, according to the condo report.
Four of the transactions closed with cash but two involved financing.
A balloon mortgage for $4 million was provided on the $5.25 million unit at the Sayan, and an Adjustable Rate Mortgage in the amount of $500,000 was extended on a $2.36 million purchase at the Capri South Beach, according to the condo 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
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