The Related Group, the nation's largest condo tower developer, is attempting in the next two months to finalize plans to return thousands of unsold new units with debt of "roughly $1.5 billion" to the construction lenders, according to Miami news reports.
The admission comes just as the Related Group has agreed to relinquish ownership to its lenders of the remaining 381 unsold units in the 420-unit, 20-story CityPlace South Tower in Downtown West Palm Beach. Related had still owed about $119 million, or about 88 percent, of the original $134.7 million construction loan, according to South Florida news reports.
"We've had very good discussions over the last seven months with all of our lender syndicates," Related Group's chief operating officer Matt Allen told the Miami Daily Business Review. "Each syndicate is different. They have different goals they might want to achieve, and we expect in 60 days to have complete resolution and that resolution can carry many different fronts."
Related developed or converted dozens of highrises with several thousand units throughout Florida, ranging from the Apogee in Miami Beach's South of Fifth neighborhood to the Trump Hollywood in Southeast Broward County, the Oasis in Fort Myers on the Gulf of Mexico to the ICON Brickell complex in Greater Downtown Miami.
In Downtown Miami alone, the Related Group built during the condo boom about 5,550 units, of which the company is still in possession of more than 2,400 units, or about 44 percent, according to the Official Condo Buyers Guide to Miami™ published by Condo Vultures®.
Specifically in Downtown Miami, Related built seven projects with 12 towers and more than 5.8 million gross livable square feet. An eight project proposed for 495 units and 389,000 gross livable square feet was shelved before construction began, according to Condo Vultures®.
Read More
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™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ 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 west palm beach. Show all posts
Showing posts with label west palm beach. Show all posts
Friday, July 3, 2009
Wednesday, May 27, 2009
First-Time Home Buyers Target Foreclosures
BY ERIK BOJNANSKY
Special Correspondent
CondoVultures.com
Armed with an $8,000 federal tax credit and knowledge of current events, first time home buyers are seeking bargains in the form of foreclosed properties.
However, home buyers should be careful when considering buying a foreclosed property.
"Just because it is [banked owned] doesn't mean it is the best deal for them [potential buyers]," said Brian Paul, CEO of the Realtors® Association of the Palm Beaches.
Kerry Smith, project editor for the Florida Association of Realtors, said first-time home buyers are asking Realtors about REO (real estate owned, bank owned) properties.
"Everyone has read all the media out there," he said. "A lot of shoppers want a bargain because that is what they read."
Danielle Clermont, communications director for the Realtor® Association of Greater Fort Lauderdale, said so many first-time home buyers are inquiring about REOs that her organization is now offering Realtors classes about foreclosed and short-sold properties.
"Two years ago we did not have [the classes]," Clermont said. But recently the "demand in the courses have increased and participation in the courses have [also increased]."
There is plenty of foreclosed inventory in South Florida, according to data from the Condo Vultures® Foreclosure Database™. Since January 2007, when the real estate market declined rapidly, foreclosure actions have been initiated on 147,000 properties. Condo Vultures® also predicts that 27,000 properties will likely be foreclosed on by the end of 2009.
Once obtained, banks will be looking to unload homes as quickly as possible.
Read More
Special Correspondent
CondoVultures.com
Armed with an $8,000 federal tax credit and knowledge of current events, first time home buyers are seeking bargains in the form of foreclosed properties.
However, home buyers should be careful when considering buying a foreclosed property.
"Just because it is [banked owned] doesn't mean it is the best deal for them [potential buyers]," said Brian Paul, CEO of the Realtors® Association of the Palm Beaches.
Kerry Smith, project editor for the Florida Association of Realtors, said first-time home buyers are asking Realtors about REO (real estate owned, bank owned) properties.
"Everyone has read all the media out there," he said. "A lot of shoppers want a bargain because that is what they read."
Danielle Clermont, communications director for the Realtor® Association of Greater Fort Lauderdale, said so many first-time home buyers are inquiring about REOs that her organization is now offering Realtors classes about foreclosed and short-sold properties.
"Two years ago we did not have [the classes]," Clermont said. But recently the "demand in the courses have increased and participation in the courses have [also increased]."
There is plenty of foreclosed inventory in South Florida, according to data from the Condo Vultures® Foreclosure Database™. Since January 2007, when the real estate market declined rapidly, foreclosure actions have been initiated on 147,000 properties. Condo Vultures® also predicts that 27,000 properties will likely be foreclosed on by the end of 2009.
Once obtained, banks will be looking to unload homes as quickly as possible.
Read More
Tuesday, May 26, 2009
South Florida Inventory drops 21%, contracts jump 66% in 6 months
South Florida's residential resale inventory has dropped 21 percent and pending sales have spiked nearly 66 percent in the last six months in Miami-Dade, Broward, and Palm Beach counties, according to a new report by Condo Vultures® LLC.
There were 84,962 condominium units, townhouses, and single-family houses available for resale on Monday, May 25, compared to 107,527 residences listed for resale the week of Thanksgiving.
South Florida pending sales totaled 15,399 on May 25 compared to 9,302 contracts on Nov. 24, according to the Condo Vultures® report based on Florida Association of Realtors data.
"In the last six months, we have seen inventory decrease by between 1 percent and 2 percent on a week-over-week basis," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "During the same period, pending sales have consistently increased by between 1 percent and 3.5 percent on a weekly basis since November. This trend suggests that summer - which historically is a quiet period - looks to be active."
Miami-Dade County, where Miami Beach, Coral Gables, and Sunny Isles Beach are located, has
the greatest number of available residential resale properties with 32,133, or 38 percent of the tri-county regional total. The inventory in Miami-Dade has dropped 21.6 percent in the last six months from 40,994 properties on Nov. 24, according to the report.
Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, has the second largest share of available residential properties in South Florida with 27,669, or 33 percent of the regional total. In November, Broward County had 36,926 residences for resale.
Palm Beach County, where West Palm Beach, Boca Raton, and Delray Beach are located, has the fewest number of properties available for resale with 25,160, or 30 percent of the regional total. On Nov. 24, Palm Beach County had 29,607 properties available for resale, according to the report On a deal basis, Broward County is the busiest place in the region.
Pending sales in Broward are up 80 percent in the last six months to 5,934 contracts on May 25 compared to 3,295 deals on Nov. 24.
Pending sales in Miami-Dade are up 60 percent to 6,789 deals on May 25 compared to 4,245 contracts six months ago.
Palm Beach County's pending sales are up 52 percent in the last six months to 2,676 contracts on May 25 compared to 1,762 deals in November, 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
There were 84,962 condominium units, townhouses, and single-family houses available for resale on Monday, May 25, compared to 107,527 residences listed for resale the week of Thanksgiving.
South Florida pending sales totaled 15,399 on May 25 compared to 9,302 contracts on Nov. 24, according to the Condo Vultures® report based on Florida Association of Realtors data.
"In the last six months, we have seen inventory decrease by between 1 percent and 2 percent on a week-over-week basis," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "During the same period, pending sales have consistently increased by between 1 percent and 3.5 percent on a weekly basis since November. This trend suggests that summer - which historically is a quiet period - looks to be active."
Miami-Dade County, where Miami Beach, Coral Gables, and Sunny Isles Beach are located, has
the greatest number of available residential resale properties with 32,133, or 38 percent of the tri-county regional total. The inventory in Miami-Dade has dropped 21.6 percent in the last six months from 40,994 properties on Nov. 24, according to the report.
Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, has the second largest share of available residential properties in South Florida with 27,669, or 33 percent of the regional total. In November, Broward County had 36,926 residences for resale.
Palm Beach County, where West Palm Beach, Boca Raton, and Delray Beach are located, has the fewest number of properties available for resale with 25,160, or 30 percent of the regional total. On Nov. 24, Palm Beach County had 29,607 properties available for resale, according to the report On a deal basis, Broward County is the busiest place in the region.
Pending sales in Broward are up 80 percent in the last six months to 5,934 contracts on May 25 compared to 3,295 deals on Nov. 24.
Pending sales in Miami-Dade are up 60 percent to 6,789 deals on May 25 compared to 4,245 contracts six months ago.
Palm Beach County's pending sales are up 52 percent in the last six months to 2,676 contracts on May 25 compared to 1,762 deals in November, 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, May 21, 2009
Consultant Jack McCabe To Participate On Rental Rates Panel Discussion
Jack McCabe, a national real estate consultant who early on predicted Florida's boom and bust, has confirmed his participation on the upcoming Condo Vultures® panel discussion examining South Florida rental rate trends and the never-ending quest for double-digit cap rates on residential investment properties.
McCabe, president of McCabe Research & Consulting in Deerfield Beach, Fla., is a real estate consultant, expert witness, and advisor to institutional funds who is regularly quoted locally, nationally, and internationally on housing issues in Florida and beyond.
McCabe joins Alan Ojeda, developer of the new high-rise rental tower One Broadway in Miami's Brickell Avenue area, on the Condo Vultures® Seminar Series June panel discussion on South Florida rental rate trends.
McCabe and Ojeda join a soon-to-be-announced Florida bank president and owner of a large condo association management company for a discussion with Condo Vultures® principal Peter Zalewski about the current and future trends in South Florida's rental market.
The June 16 program is scheduled to feature a networking session, panel discussion, and question and answer period with the panel. For more information, visit the Upcoming Events page at 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
McCabe, president of McCabe Research & Consulting in Deerfield Beach, Fla., is a real estate consultant, expert witness, and advisor to institutional funds who is regularly quoted locally, nationally, and internationally on housing issues in Florida and beyond.
McCabe joins Alan Ojeda, developer of the new high-rise rental tower One Broadway in Miami's Brickell Avenue area, on the Condo Vultures® Seminar Series June panel discussion on South Florida rental rate trends.
McCabe and Ojeda join a soon-to-be-announced Florida bank president and owner of a large condo association management company for a discussion with Condo Vultures® principal Peter Zalewski about the current and future trends in South Florida's rental market.
The June 16 program is scheduled to feature a networking session, panel discussion, and question and answer period with the panel. For more information, visit the Upcoming Events page at 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, May 19, 2009
Contracts Surge 3.5% In South Florida
South Florida residential pending resales spiked 3.5 percent in the last week to 15,191 existing contracts in Miami-Dade, Broward, and Palm Beach counties, according to a new report from Condo Vultures® LLC.
Pending sales in Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, surged 4.3 percent to 5,820 deals on a week-over-week basis ending May 18, according to the report produced using Florida Association of Realtors data.
Pending sales in Palm Beach County, where West Palm Beach, Delray Beach, and Boca Raton are located, increased by 3.7 percent in the same period to 2,691 contracts. Pending sales in Miami-Dade County, where Miami Beach, Coral Gables, and Sunny Isles Beach are located, increased 2.7 percent to 6,680 contracts, according to Condo Vultures®.
"Buyers and sellers are entering into contracts in South Florida at a stepped up pace," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate services company Condo Vultures®. "As properties go under contract, the total available residential resale inventory has consistently decreased. In the last six months, inventory has fallen by more than 20 percent."
South Florida currently has 85,705 condo units, townhouses, and single-family houses available for resale in the tri-county area. The week of Thanksgiving, there were 107,527 residential properties on the market for resale, meaning that available inventory has fallen by 21,822 properties, according to the report.
Broward County has experienced the deepest drop in inventory in the last six months, falling 24.1 percent to 28,039 resale properties. Miami-Dade County has experienced a 21.1 percent drop in inventory to 32,348 properties. Palm Beach County's inventory has dropped by 14.5 percent to 25,318 resale properties.
Condominium units and townhouses represent about 60 percent of the total inventory while single-family houses account for the remaining 40 percent. Back in November, condo units and townhouses represented 57 percent of the inventory, and single-family houses account for 43 percent of the South Florida total, 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
Pending sales in Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, surged 4.3 percent to 5,820 deals on a week-over-week basis ending May 18, according to the report produced using Florida Association of Realtors data.
Pending sales in Palm Beach County, where West Palm Beach, Delray Beach, and Boca Raton are located, increased by 3.7 percent in the same period to 2,691 contracts. Pending sales in Miami-Dade County, where Miami Beach, Coral Gables, and Sunny Isles Beach are located, increased 2.7 percent to 6,680 contracts, according to Condo Vultures®.
"Buyers and sellers are entering into contracts in South Florida at a stepped up pace," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate services company Condo Vultures®. "As properties go under contract, the total available residential resale inventory has consistently decreased. In the last six months, inventory has fallen by more than 20 percent."
South Florida currently has 85,705 condo units, townhouses, and single-family houses available for resale in the tri-county area. The week of Thanksgiving, there were 107,527 residential properties on the market for resale, meaning that available inventory has fallen by 21,822 properties, according to the report.
Broward County has experienced the deepest drop in inventory in the last six months, falling 24.1 percent to 28,039 resale properties. Miami-Dade County has experienced a 21.1 percent drop in inventory to 32,348 properties. Palm Beach County's inventory has dropped by 14.5 percent to 25,318 resale properties.
Condominium units and townhouses represent about 60 percent of the total inventory while single-family houses account for the remaining 40 percent. Back in November, condo units and townhouses represented 57 percent of the inventory, and single-family houses account for 43 percent of the South Florida total, 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
Saturday, May 16, 2009
Expert: Florida Housing To Bottom By Mid-2010
National real estate consultant Jack McCabe, one of the first analysts to predict South Florida’s housing bubble and bust, projects that the Florida housing market is within a year of hitting bottom.
McCabe, president and chief executive of McCabe Research & Consulting LLC in Deerfield Beach, Fla., estimates residential values are within 15 percent of their lowest levels, and he expects the remaining price drop to occur in the next four quarters.
“I think 2009 is going to be the toughest year of this downturn for the state of Florida,” McCabe said in an exclusive video interview with CondoVultures.com. “I really see next year – about mid-2010 – that, I think, we are finally going to reach the bottom, or what everybody has been calling the bottom.”
The hour-long McCabe video interview where he discusses Florida’s past, present, and future with Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®, is available in its entirety in the White Papers section of CondoVultures.com.McCabe disagrees with some on Wall Street that Florida residential pricing will still fall an additional 35 percent in the upcoming months.
“I don’t think it is going to be that severe,” McCabe said. “I think the worst is behind us, but I still believe we have another 10 to 15 percent drop because of the unemployment and the foreclosures depressing prices, and the amount of inventory we have yet to absorb.”
The bottom may be within McCabe’s sight but he doesn’t expect Florida prices to appreciate in the foreseeable future.
“I don’t think it is going to be a V-shape recovery,” McCabe said. “I think this is going to be more like an L shape [recovery]. We are going to see prices remain along that bottom potentially into 2012 before we see any type of appreciation at all. “When we do, it is going to be more in line with historical trends of about six percent [appreciation] a year. We have a ways to go yet.”
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
McCabe, president and chief executive of McCabe Research & Consulting LLC in Deerfield Beach, Fla., estimates residential values are within 15 percent of their lowest levels, and he expects the remaining price drop to occur in the next four quarters.
“I think 2009 is going to be the toughest year of this downturn for the state of Florida,” McCabe said in an exclusive video interview with CondoVultures.com. “I really see next year – about mid-2010 – that, I think, we are finally going to reach the bottom, or what everybody has been calling the bottom.”
The hour-long McCabe video interview where he discusses Florida’s past, present, and future with Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®, is available in its entirety in the White Papers section of CondoVultures.com.McCabe disagrees with some on Wall Street that Florida residential pricing will still fall an additional 35 percent in the upcoming months.
“I don’t think it is going to be that severe,” McCabe said. “I think the worst is behind us, but I still believe we have another 10 to 15 percent drop because of the unemployment and the foreclosures depressing prices, and the amount of inventory we have yet to absorb.”
The bottom may be within McCabe’s sight but he doesn’t expect Florida prices to appreciate in the foreseeable future.
“I don’t think it is going to be a V-shape recovery,” McCabe said. “I think this is going to be more like an L shape [recovery]. We are going to see prices remain along that bottom potentially into 2012 before we see any type of appreciation at all. “When we do, it is going to be more in line with historical trends of about six percent [appreciation] a year. We have a ways to go yet.”
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, May 12, 2009
South Florida Residential Inventory Drops 1.1% In Week To 86,000
The number of South Florida residential properties available for resale fell by 1.1 percent in the last week while the number of pending sales in the tri-county region jumped by 2 percent, according to a new report from Condo Vultures® LLC.
There are now 86,812 single-family houses, townhouses, and condominium units for resale as of May 11, down from 87,793 residential properties on May 4. Pending sales in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties totaled 14,679 on May 11 compared to 14,397 properties on May 4, according to the report based on Florida Association of Realtors data.
"Palm Beach County experienced a 2.6 percent jump in pending sales in the last week, which outpaced the 2.2 percent rise in Broward County and 1.5 percent increase in Miami-Dade County," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "The Palm Beach County surge in deals was led by a 3 percent spike in single-family house pending sales and a 1 percent jump in contracts for condo units and townhouses."
Palm Beach County has 25,743 residential properties on the resale market, representing 30 percent of the regional total. Single-family houses represent 46 percent of the overall inventory in Palm Beach County with condos and townhouses accounting for the remaining 54 percent.
By comparison, in Broward County, there are 28,468 residential properties for resale, which represents 33 percent of the tri-county regional supply total. Single-family houses account for 40 percent of the Broward County inventory, while condos and townhouses represent the remaining 60 percent of the resale product currently available.
Miami-Dade County has 32,601 residential properties for resale, representing 38 percent of the overall South Florida inventory. The Miami-Dade County inventory breaks down to 37 percent single-family houses and 63 percent condo units and townhouses, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
There are now 86,812 single-family houses, townhouses, and condominium units for resale as of May 11, down from 87,793 residential properties on May 4. Pending sales in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties totaled 14,679 on May 11 compared to 14,397 properties on May 4, according to the report based on Florida Association of Realtors data.
"Palm Beach County experienced a 2.6 percent jump in pending sales in the last week, which outpaced the 2.2 percent rise in Broward County and 1.5 percent increase in Miami-Dade County," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "The Palm Beach County surge in deals was led by a 3 percent spike in single-family house pending sales and a 1 percent jump in contracts for condo units and townhouses."
Palm Beach County has 25,743 residential properties on the resale market, representing 30 percent of the regional total. Single-family houses represent 46 percent of the overall inventory in Palm Beach County with condos and townhouses accounting for the remaining 54 percent.
By comparison, in Broward County, there are 28,468 residential properties for resale, which represents 33 percent of the tri-county regional supply total. Single-family houses account for 40 percent of the Broward County inventory, while condos and townhouses represent the remaining 60 percent of the resale product currently available.
Miami-Dade County has 32,601 residential properties for resale, representing 38 percent of the overall South Florida inventory. The Miami-Dade County inventory breaks down to 37 percent single-family houses and 63 percent condo units and townhouses, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Sunday, May 10, 2009
Florida Bank Failures Foreshadowed By FDIC
Federal regulators are staffing up, leasing office space, and creating a management structure in preparation to seize an undisclosed number of struggling banks in Florida and the Southeastern United States.
The Federal Deposit Insurance Corp., which guarantees deposits of $250,000 at the nation's banks, plans to open a satellite office to be used by up to 500 people in the northeast Florida city of Jacksonville to spearhead the imminent seizures and eventual asset sales.
"The FDIC, which prides itself on predictability and consistency, is sending a strong message to the banking industry that the day of reckoning is almost at hand," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Industry watchers have been expecting this moment as Florida - considered by many to be the epicenter of the U.S. housing crash - has had few bank failures to date."
Regulators have shut 57 banks since January 2008 with an estimated loss to the FDIC of $15.5 billion. Only four of the failed banks were headquartered in Florida - none in South Florida - compared to 11 seizures in Georgia and nine in California. A Florida credit unit has also closed by regulators.
The FDIC's bank seizure and asset sales office is scheduled to open in September with a combination of employees and subcontractors to oversee the process.
"Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," according to an FDIC statement. "As the work diminishes, the temporary satellite offices are closed."
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 Federal Deposit Insurance Corp., which guarantees deposits of $250,000 at the nation's banks, plans to open a satellite office to be used by up to 500 people in the northeast Florida city of Jacksonville to spearhead the imminent seizures and eventual asset sales.
"The FDIC, which prides itself on predictability and consistency, is sending a strong message to the banking industry that the day of reckoning is almost at hand," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Industry watchers have been expecting this moment as Florida - considered by many to be the epicenter of the U.S. housing crash - has had few bank failures to date."
Regulators have shut 57 banks since January 2008 with an estimated loss to the FDIC of $15.5 billion. Only four of the failed banks were headquartered in Florida - none in South Florida - compared to 11 seizures in Georgia and nine in California. A Florida credit unit has also closed by regulators.
The FDIC's bank seizure and asset sales office is scheduled to open in September with a combination of employees and subcontractors to oversee the process.
"Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," according to an FDIC statement. "As the work diminishes, the temporary satellite offices are closed."
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, May 5, 2009
Pending Contracts Stall In South Florida As Winter Tourism Season Ends
The number of residential resale contracts executed in South Florida in the last week of the winter tourism season grew by the tiniest of amounts, causing fear that buying activity may be stalling, according to a new report from Condo Vultures® LLC.
Pending contracts on single-family houses in the tricounty region of Miami-Dade, Broward, and Palm Beach counties were up by 0.4 percent on May 4 on a week-over-week basis, but that increase wasn't enough to overcome a 0.2 percent drop in deals on condominium units and townhouses that weighed down the overall average, according to the Condo Vultures® report compiled using Florida Association of Realtors data.
On May 4, South Florida had 14,397 pending sales, up minimally from 14,378 pending sales a week earlier on April 27. Two week prior on April 20, pending sales totaled 14,183 single-family houses, condos, and townhouses in the region, according to the report.
"All throughout the winter tourism season, pending sales were growing by between 1 percent and 4 percent per week," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "To suddenly see pending sales stall in the last week of April will raise questions in the minds of many industry watchers focused on trying to determine whether the region is nearing a bottom or simply a plateau."
On a product basis, pending sales of single-family houses increased by 0.4 percent to 7,477 on May 4 compared to 7,446 contracts on April 27. Pending sales in Miami-Dade increased by 0.7 percent and in Broward by 0.4 percent. Palm Beach was unchanged, according to the report.
Pending sales on condos and townhouses shrunk by 0.2 percent to 6,920 contracts on May 4 compared to 6,932 deals on April 27. On a county-by-county basis, pending contracts increased by 0.4 percent in Miami-Dade, but fell by 0.8 percent in Broward and 0.3 percent in Palm Beach, according to Condo Vultures®.
As for inventory, the number of single-family homes for resale in South Florida dropped 2.4 percent in the last week to 35,787 homes. The single-family house product is distributed equally in the tri-county area with 34 percent in Miami-Dade and Palm Beach counties each and 32 percent in Broward county.
In just over five months since Thanksgiving week, total single-family house inventory has slipped by 23 percent, or 10,812 houses.
Condominium and townhouse inventory has fallen to 52,006 units, a drop of 1.9 percent in the last week. Miami-Dade has the most condo and townhouse inventory available for resale with 40 percent of the market. Broward is second with 33 percent, and Palm Beach is third with 27 percent.
Since Thanksgiving week in November, total condo and townhouse inventory has fallen by 14.6 percent, or 8,922 units.
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
Pending contracts on single-family houses in the tricounty region of Miami-Dade, Broward, and Palm Beach counties were up by 0.4 percent on May 4 on a week-over-week basis, but that increase wasn't enough to overcome a 0.2 percent drop in deals on condominium units and townhouses that weighed down the overall average, according to the Condo Vultures® report compiled using Florida Association of Realtors data.
On May 4, South Florida had 14,397 pending sales, up minimally from 14,378 pending sales a week earlier on April 27. Two week prior on April 20, pending sales totaled 14,183 single-family houses, condos, and townhouses in the region, according to the report.
"All throughout the winter tourism season, pending sales were growing by between 1 percent and 4 percent per week," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "To suddenly see pending sales stall in the last week of April will raise questions in the minds of many industry watchers focused on trying to determine whether the region is nearing a bottom or simply a plateau."
On a product basis, pending sales of single-family houses increased by 0.4 percent to 7,477 on May 4 compared to 7,446 contracts on April 27. Pending sales in Miami-Dade increased by 0.7 percent and in Broward by 0.4 percent. Palm Beach was unchanged, according to the report.
Pending sales on condos and townhouses shrunk by 0.2 percent to 6,920 contracts on May 4 compared to 6,932 deals on April 27. On a county-by-county basis, pending contracts increased by 0.4 percent in Miami-Dade, but fell by 0.8 percent in Broward and 0.3 percent in Palm Beach, according to Condo Vultures®.
As for inventory, the number of single-family homes for resale in South Florida dropped 2.4 percent in the last week to 35,787 homes. The single-family house product is distributed equally in the tri-county area with 34 percent in Miami-Dade and Palm Beach counties each and 32 percent in Broward county.
In just over five months since Thanksgiving week, total single-family house inventory has slipped by 23 percent, or 10,812 houses.
Condominium and townhouse inventory has fallen to 52,006 units, a drop of 1.9 percent in the last week. Miami-Dade has the most condo and townhouse inventory available for resale with 40 percent of the market. Broward is second with 33 percent, and Palm Beach is third with 27 percent.
Since Thanksgiving week in November, total condo and townhouse inventory has fallen by 14.6 percent, or 8,922 units.
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, May 2, 2009
Will $8,000 Obama Buyers Credit Help South Florida's Residential Market?
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
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
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
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
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
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
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
Tuesday, March 24, 2009
South Florida's Resale Inventory Drops 11% Since November
South Florida's residential inventory has slipped by 11.3 percent since Thanksgiving week of Nov. 24 while the number of pending sales during the same period has increased by 35.2 percent, according to a new report by Condo Vultures® LLC.
South Florida now has 95,409 residential resale properties on the market in Miami-Dade, Broward, and Palm Beach counties as of March 23 compared to 107,527 residences for resale on Nov. 24, a decrease of 12,118, according to the report.
As of March 23, pending sales totaled 12,576 compared to 9,302 on Nov. 24, an increase of 3,274 in a regional market where banks are hesitant to lend.
"South Florida has lost more than 11 percent of its residential resale inventory since Thanksgiving," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "The surprising thing is, the inventory has evaporated despite the lack of credit available today."
South Florida's single-family house inventory has experienced the most activity, slipping by 14.7 percent to 39,733 properties on March 23 compared to 46,599 on Nov. 24. The number of condominium units and townhouses is down by 8.6 percent to 55,676 on March 23 compared to 60,928 on Nov. 24, according to the report.
Broward County, where Fort Lauderdale and Pompano Beach are located, has experienced the steepest drop in residential inventory, falling 13.6 percent in the last four months to 31,921 properties on March 23 compared to 36,926 on Nov. 24.
Miami-Dade County, where Aventura and Miami Beach are located, realized a 13.2 percent drop in inventory to 35,581 properties on March 23 compared to 40,994 properties on Nov. 24.
Palm Beach County, where Boca Raton and West Palm Beach are located, experienced a 5.7 percent drop to 27,907 properties on March 23 compared to 29,607 on Nov. 24, according to the report.
Broward County also leads the region - percentagewise - in pending sales volume. Broward's pending sales are up 40.6 percent, or 1,338, since Thanksgiving to 4,633 deals on March 23 compared to 3,295 on Nov. 24.
Pending sales in Miami-Dade County are up 31 percent to 5,559 on March 23 compared to 4,245 on Nov. 24. In Palm Beach County, pending sales are up 35.3 percent to 2,384 on March 23 compared to 1,762 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. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2009, Condo Vultures® LLC
South Florida now has 95,409 residential resale properties on the market in Miami-Dade, Broward, and Palm Beach counties as of March 23 compared to 107,527 residences for resale on Nov. 24, a decrease of 12,118, according to the report.
As of March 23, pending sales totaled 12,576 compared to 9,302 on Nov. 24, an increase of 3,274 in a regional market where banks are hesitant to lend.
"South Florida has lost more than 11 percent of its residential resale inventory since Thanksgiving," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "The surprising thing is, the inventory has evaporated despite the lack of credit available today."
South Florida's single-family house inventory has experienced the most activity, slipping by 14.7 percent to 39,733 properties on March 23 compared to 46,599 on Nov. 24. The number of condominium units and townhouses is down by 8.6 percent to 55,676 on March 23 compared to 60,928 on Nov. 24, according to the report.
Broward County, where Fort Lauderdale and Pompano Beach are located, has experienced the steepest drop in residential inventory, falling 13.6 percent in the last four months to 31,921 properties on March 23 compared to 36,926 on Nov. 24.
Miami-Dade County, where Aventura and Miami Beach are located, realized a 13.2 percent drop in inventory to 35,581 properties on March 23 compared to 40,994 properties on Nov. 24.
Palm Beach County, where Boca Raton and West Palm Beach are located, experienced a 5.7 percent drop to 27,907 properties on March 23 compared to 29,607 on Nov. 24, according to the report.
Broward County also leads the region - percentagewise - in pending sales volume. Broward's pending sales are up 40.6 percent, or 1,338, since Thanksgiving to 4,633 deals on March 23 compared to 3,295 on Nov. 24.
Pending sales in Miami-Dade County are up 31 percent to 5,559 on March 23 compared to 4,245 on Nov. 24. In Palm Beach County, pending sales are up 35.3 percent to 2,384 on March 23 compared to 1,762 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. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures 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
Tuesday, March 10, 2009
Miami Single-Family House Contracts Spike 3% In A Week
Spooked by the violent swings of the U.S. stock market combined with plummeting real estate prices, buyers moved aggressively in the last week to purchase single-family houses in Greater Miami, according to a new report from Condo Vultures® LLC.
The number of single-family houses under contract in Miami-Dade County increased 3 percent in the last seven-day period ending March 9, according to the report from the Bal Harbour, Fla.-based consultancy using data from the Florida Association of Realtors.
In Miami-Dade, there are now 2,682 houses under contract, up from 2,603 on March 2. That's a net increase on a weekly basis in pending sales of 79 properties, or an average of 11 new contracts per day.
Pending contracts in Broward County, where Fort Lauderdale is located, are also on the rise, increasing 1.2 percent in the last seven day period ending March 9. In Broward, there are now 2,222 pending contracts on single-family homes, up from 2,195 contracts on March 2.
Palm Beach County, where West Palm Beach and Boca Raton are located, experienced a 0.3 percent decrease in pending sales to 1,171 contracts on March 9 compared to 1,174 accepted offers on March 2, according to the report.
"Single-family houses are the product of choice for today's buyers," said Peter Zalewski, a principal with Condo Vultures® LLC. "In terms of where buyers are focusing their efforts, Miami-Dade is the clear focal point with Broward second. Palm Beach is a distant third in terms of buyer interest based on pending contracts."
Surging single-family house sales in Miami-Dade and Broward combined with minimal changes in Palm Beach have worked to put all three counties into a statistical tie in terms of available inventory.
Each of the three South Florida counties has slightly more than 33 percent of the 40,514 single-family houses on the market as of March 9, according to Condo Vultures®.
Miami-Dade, considered by most to be the epicenter of Florida real estate downturn, has 13,881 single-family houses for sale, down -1.2 percent from the 14,044 available properties the previous week ending March 2.
Broward has 13,351 houses for sale, down -0.9 percent from 13,468 homes the previous week ending March 2.
Palm Beach County has 13,282 houses for resale, down 0.3 percent from the 13,327 single-family homes the previous week ending March 2.
On the condo and townhouse front, South Florida has 56,068 residential properties for sale, an increase of 0.1 percent, or 66 units, on a week-over-week basis ending March 9.
Condo and townhouse inventory remained steady in Miami-Dade (22,144 units for resale for a 0 percent change) and Broward (19,030 units for resale for a 0 percent change) while increasing 0.5 percent in Palm Beach to 14,894 units in a week from 14,823 condos on March 2, according to the report.
The tri-county South Florida region has 96,582 single-family houses, condominium units, and townhouses for resale, down 0.3 percent from 96,841 properties available on March 2. The week of Thanksgiving - Nov. 24 - there were 107,527 residential properties for sale, according to the report.
Pending sales of condos and townhouses increased by 1.8 percent in the last week to 5,685 deals, from 5,584 binding contracts on March 2.
Palm Beach experienced a 3.4 percent surge in pending sales to 1,077 deals on March 9 from 1,042 on March 2.
Pending contracts increased 2.6 percent in the last seven days in Broward to 2,051 deals on March 9 compared to 1,999 on March 2.
Pending deals were up 0.6 percent in Miami-Dade to 2,557 contracts on March 9 compared to 2,543 on March 2, according to the report.
There are currently 11,760 pending residential resale deals in South Florida, up 1.8 percent from the 11,556 existing contracts on March 2. For comparison, consider on Nov. 24 - Thanksgiving week - South Florida had 9,302 pending contracts.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2009, Condo Vultures® LLC
The number of single-family houses under contract in Miami-Dade County increased 3 percent in the last seven-day period ending March 9, according to the report from the Bal Harbour, Fla.-based consultancy using data from the Florida Association of Realtors.
In Miami-Dade, there are now 2,682 houses under contract, up from 2,603 on March 2. That's a net increase on a weekly basis in pending sales of 79 properties, or an average of 11 new contracts per day.
Pending contracts in Broward County, where Fort Lauderdale is located, are also on the rise, increasing 1.2 percent in the last seven day period ending March 9. In Broward, there are now 2,222 pending contracts on single-family homes, up from 2,195 contracts on March 2.
Palm Beach County, where West Palm Beach and Boca Raton are located, experienced a 0.3 percent decrease in pending sales to 1,171 contracts on March 9 compared to 1,174 accepted offers on March 2, according to the report.
"Single-family houses are the product of choice for today's buyers," said Peter Zalewski, a principal with Condo Vultures® LLC. "In terms of where buyers are focusing their efforts, Miami-Dade is the clear focal point with Broward second. Palm Beach is a distant third in terms of buyer interest based on pending contracts."
Surging single-family house sales in Miami-Dade and Broward combined with minimal changes in Palm Beach have worked to put all three counties into a statistical tie in terms of available inventory.
Each of the three South Florida counties has slightly more than 33 percent of the 40,514 single-family houses on the market as of March 9, according to Condo Vultures®.
Miami-Dade, considered by most to be the epicenter of Florida real estate downturn, has 13,881 single-family houses for sale, down -1.2 percent from the 14,044 available properties the previous week ending March 2.
Broward has 13,351 houses for sale, down -0.9 percent from 13,468 homes the previous week ending March 2.
Palm Beach County has 13,282 houses for resale, down 0.3 percent from the 13,327 single-family homes the previous week ending March 2.
On the condo and townhouse front, South Florida has 56,068 residential properties for sale, an increase of 0.1 percent, or 66 units, on a week-over-week basis ending March 9.
Condo and townhouse inventory remained steady in Miami-Dade (22,144 units for resale for a 0 percent change) and Broward (19,030 units for resale for a 0 percent change) while increasing 0.5 percent in Palm Beach to 14,894 units in a week from 14,823 condos on March 2, according to the report.
The tri-county South Florida region has 96,582 single-family houses, condominium units, and townhouses for resale, down 0.3 percent from 96,841 properties available on March 2. The week of Thanksgiving - Nov. 24 - there were 107,527 residential properties for sale, according to the report.
Pending sales of condos and townhouses increased by 1.8 percent in the last week to 5,685 deals, from 5,584 binding contracts on March 2.
Palm Beach experienced a 3.4 percent surge in pending sales to 1,077 deals on March 9 from 1,042 on March 2.
Pending contracts increased 2.6 percent in the last seven days in Broward to 2,051 deals on March 9 compared to 1,999 on March 2.
Pending deals were up 0.6 percent in Miami-Dade to 2,557 contracts on March 9 compared to 2,543 on March 2, according to the report.
There are currently 11,760 pending residential resale deals in South Florida, up 1.8 percent from the 11,556 existing contracts on March 2. For comparison, consider on Nov. 24 - Thanksgiving week - South Florida had 9,302 pending contracts.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2009, Condo Vultures® LLC
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