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bank owned: South Florida Bank Repossessions Fall 16% In Q2 of 2009 - 07/17/09 10:33 AM
Banks repossessed 16 percent fewer South Florida properties in the second quarter of this year than were seized during the same period a year ago despite an increased number of foreclosure filings in the tricounty region, according to a new report from Condo Vultures® LLC.Lenders repossessed 5,992 properties in Miami-Dade, Broward, and Palm Beach counties between April and June of 2009 compared to seizing 7,098 properties in the second quarter of 2008. In 2007, lenders seized 2,167 South Florida properties in the second quarter, according to the report produced using court records."Government intervention - whether it be foreclosure moratoriums or mortgage … (0 comments)
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bank owned: South Florida Average Discount Reaches 54% - 06/30/09 09:13 AM
Nearly 900 residences in the Vultures DatabaseTM have closed in the first five months of 2009 at an average discount of $357,500, or nearly 54 percent, a dramatic change from the average price reductions of 44 percent in 2008 and 29 percent in 2007, according to a new report from Condo Vultures® LLC.Buyers closed 232 single-family houses, condos, and townhouses in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties in May for a daily average of 7.5 transactions. In April, buyers closed an average of 7.0 properties per day. The running average in the first five months … (0 comments)
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bank owned: $14 Million In South Beach Foreclosures Filed In May - 05/30/09 06:16 PM
Nearly three-dozen residences in Miami Beach's South Beach neighborhood slipped into foreclosure in May for nonpayment on nearly $14.3 million in combined mortgage financing, according to the Condo Vultures® Foreclosure DatabaseTM.The most expensive foreclosure action filed in May was against a waterfront single-family house with an outstanding loan amount of $4.3 million. A few doors down a bank filed to foreclose on a $1.1 million loan, which ranks as the third highest foreclosure action filed in May in South Beach.A luxury condo with an outstanding loan of $1.6 million in Miami Beach's South of Fifth neighborhood ranked as the second highest … (0 comments)
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bank owned: 7 Luxury South Beach Condos Being Foreclosed - 04/25/09 01:44 PM
Miami Beach's exclusive South of Fifth neighborhood in South Beach isn't even immune from the foreclosure epidemic hitting South Florida.Lenders since January have initiated foreclose proceedings worth a combined $7.4 million against five luxury Miami Beach condominium units in the exclusive South of Fifth neighborhood of the barrier island city, according to a new report from Condo Vultures® LLC based on data from its Foreclosure DatabaseTM.Lenders are owed more than $4.1 million on two units in the bayfront Murano Grande condominium, and $3.3 million on three units in the oceanfront Continuum on South Beach project. "Many people will be surprised to … (0 comments)
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bank owned: Foreclosure Database™ Launches With 132,000 Filings - 04/03/09 10:35 AM
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 DatabaseTM 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 DatabaseTM 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 DatabaseTM comes … (0 comments)
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bank owned: Florida, Nevada Unscathed - So Far - By Bank Failures - 02/11/09 09:00 AM
Regulators have closed 34 banks in the United States in the last 13 months, yet somehow only five of the financial institutions to fail have been based in the devastated real estate markets of Florida and Nevada, according to a new report from Condo Vultures® LLC based on FDIC data.Florida has had only three institutions fail - all outside of South Florida - while two Nevada banks were seized by regulators. For context, consider that Georgia, a state with a diversified economy and a somewhat steady housing market, has had six banks closed, which is twice as many as Florida and … (0 comments)
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bank owned: Residential Resales Drop -19% in Miami, -4% in South Florida - 01/28/09 07:37 AM
Residential real estate resales in South Florida dropped by -4 percent in 2008 to 34,915 transactions compared to 36,366 in 2007, according to a new report from Condo Vultures® LLC using data from the Florida Association of Realtors.The Greater Miami metropolitan area experienced a -19 percent drop in transaction as 8,959 residential properties closed in 2008 compared to 11,061 in 2007, according to the report by the Bal Harbour, Fla.-based consultancy.The overall regional drop in sales would have much deeper if not for slight increases percentage wise in Greater Fort Lauderdale and the West Palm Beach to Boca Raton metropolitan areas.Fort … (0 comments)
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