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boca: 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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boca: 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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boca: Short Sales Account For 31% Of South Florida Properties For Sale - 06/27/09 12:18 PM
BY WILLIAM BETANCOURTThere were a total of 83,445 residences listed for sale in South Florida as of June 12th, 2009. Of that, 25,814, or 31 percent are in some stage of the short sale process, according to a new report based on the Condo Vultures® Foreclosure DatabaseTM."The month of May proved to be busy at the courthouse recording office accounting for 1,899 new Lis Pendens filings in Miami-Dade County, 4,442 filings in Broward County, and 2,661 filings in Palm Beach counties, respectively," said William Betancourt, a licensed Florida real estate agent and short sale specialist with Condo Vultures® Realty LLC. "The … (0 comments)
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boca: Chinese Drywall Impact 'Huge' On Florida Valuations - 06/25/09 09:18 AM
BY ERIK BOJNANSKYSpecial CorrespondentCondoVultures.comEight months ago, hardly anyone knew or cared about Chinese drywall. And eight months later, the full impact of this imported building material that has been blamed for metal corrosion, electrical mishaps and health problems is still unknown, according to CondoVultures.com.Most agree, however, that Chinese drywall will have a huge negative impact on South Florida's already troubled real estate market and any home built with significant amounts of it may be worthless."It's a huge problem," said Randall Jimenez, owner of Under Pressure Home Services, a Fort Lauderdale company that cleans up and manages foreclosed homes for banks. "No … (0 comments)
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boca: NAR Chief Economist: South Florida Real Estate Market At Bottom - 06/18/09 06:06 PM
The South Florida residential real estate market is at bottom and likely to experience some appreciation within a year, the National Association of Realtors Chief Economist Dr. Lawrence Yun said."I think the prices have already pretty much bottomed in the South Florida market," Yun said. "The rest of the country is more difficult to say but I think here, given the buyers, the prices have already bottomed in Florida."Yun made the declaration (Watch The Video) on June 11 during a keynote address to a lunch crowd of the International Real Estate Congress and Expo. The event was hosted by the Realtors … (0 comments)
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boca: Consultant Jack McCabe To Participate On Rental Rates Panel Discussion - 05/21/09 09:25 AM
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 … (0 comments)
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boca: South Florida's Resale Inventory Drops 11% Since November - 03/24/09 10:04 AM
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 … (0 comments)
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