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boca raton: $40 Million For Chinese Drywall Repairs Set Aside By Miami Developer - 07/14/09 09:23 AM
Early estimates in response to dozens of lawsuits have determined that defective Chinese drywall is present in at least two percent of the 20,000 single-family houses developed in Florida between 2006 and 2007 by Miami-based homebuilder Lennar Corp.The number of defective residences may grow even higher as Lennar's research has just begun to determine how many other homes the Miami company built in earlier years in Florida that contain Chinese drywall, which causes metal corrosion, foul smells, and physical irritation to some individuals. Lennar initiated the research for Chinese drywall in response to 43 lawsuits from homeowners that have been filed … (1 comments)
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boca raton: South Florida Inventory Falls 1.1% To 81,000 Residences - 06/24/09 07:23 AM
South Florida residential real estate inventory dropped by 1.1 percent in the last week, dragging the total number of resales available down to 81,159 properties, according to a new report from Condo Vultures® LLC.Residential resale inventory slipped by 888 properties between June 15 and June 22 for an average decreased of 127 properties per day. On June 1, there were 83,491 residential resales on the market in the tri-county region of Miami-Dade, Broward, and Palm Beach counties, according to the report compiled using data from the Florida Association of Realtors."The single-family house inventory is shrinking at a faster pace than the … (0 comments)
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boca raton: South Florida Rental Rates Seminar Tonight - 06/16/09 08:40 AM
Looking to invest in South Florida residential real estate but not sure where rental rates are heading? Struggling to find a double-digit cap rate to justify an investment?Many of these questions will be addressed by a five-member panel of South Florida experts convening between 5.30 pm and 8 pm tonight, June 16, to discuss "Rental Rates and the Quest For Double Digit Cap Rates" at the Doubletree Grand Hotel just north of Downtown Miami. The program features a networking session, panel discussion, and question and answer period with the panel.Condo Vultures® principal Peter Zalewski will moderate the discussion about the current … (0 comments)
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boca raton: South Florida Real Estate Market Rebounding: Industry Watchers - 06/15/09 10:31 AM
BY ERIK BOJNANSKYSpecial CorrespondentCondoVultures.comHappy days are here again, acclaim Realtors and analysts interviewed by CondoVultures.com, as recent data suggest a significant increase in South Florida home purchases and a decrease in residential inventory.Well, maybe relief and cautious optimism are better descriptions of how many Florida real estate agents are currently feeling.South Florida's inventory of condos, townhouses and single-family homes has fallen by nearly 24 percent in seven months. On Nov. 24 there were 107,527 residences available for resale. As of June 15, there were only 82,047 -- a reduction of 25,480. Meanwhile pending sales in South Florida have increased by more … (0 comments)
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boca raton: First-Time Home Buyers Guide To South Florida Unveiled - 06/13/09 04:54 PM
Are you a first-time home buyer who wants to take advantage of the deep discounts and the Obama $8,000 tax credit but are feeling overwhelmed by the process?Are you unsure about which, if any, of the newly created local, state, and federal programs you qualify for? Condo Vultures® had you in mind when it created the newly published First-Time Home Buyers Guide To South FloridaTM.This 18-page eBook features a collection of articles about the process, pointing out the dos and don'ts in making your first home purchase.For more information about the First-Time Home Buyers Guide To South FloridaTM, please visit the … (0 comments)
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boca raton: Condo Resale Inventory Drops Below 50,000 In South Florida - 06/09/09 11:41 AM
The number of resale condos available in South Florida has slipped below the 50,000-unit threshold, representing more than a 18 percent drop in total inventory since November, according to a new report from Condo Vultures® LLC. As of June 8, there are a combined 49,746 condos and townhouses on the resale market in the tri-county South Florida region. A week prior on June 1, there were 50,071 condos available. A month ago on May 11, there were 51,581 condos for sale. Back in November, there were 60,928 condos for resale, according to the Condo Vultures® report created using Florida Association of … (0 comments)
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boca raton: South Florida Inventory drops 21%, contracts jump 66% in 6 months - 05/26/09 09:52 AM
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 … (0 comments)
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boca raton: Contracts Surge 3.5% In South Florida - 05/19/09 10:11 AM
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 … (0 comments)
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boca raton: Expert: Florida Housing To Bottom By Mid-2010 - 05/16/09 08:34 AM
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 … (0 comments)
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boca raton: South Florida Residential Inventory Drops 1.1% In Week To 86,000 - 05/12/09 08:14 AM
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 … (0 comments)
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boca raton: Florida Bank Failures Foreshadowed By FDIC - 05/10/09 12:24 PM
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 … (0 comments)
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boca raton: Pending Contracts Stall In South Florida As Winter Tourism Season Ends - 05/05/09 09:53 AM
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 … (0 comments)
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boca raton: US Bank Failure Losses Top $5 Billion In 2009 - 05/03/09 01:04 PM
Federal regulators shut three more institutions on May 1, increasing the total estimated losses related to failed bank in 2009 to more than $5 billion, according to a report by Condo Vultures® LLC.In 2008, regulators shut 25 institutions that resulted in total losses of between $10.4 billion and $14.9 billion, according to the report based on data from the Federal Deposit Insurance Corp."Our research indicates that taxpayers have lost an estimated $5.3 billion this year," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "This means that taxpayers are losing about $1.33 billion per month or $11 … (0 comments)
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boca raton: Will $8,000 Obama Buyers Credit Help South Florida's Residential Market? - 05/02/09 12:23 PM
BY ERIK BOJNANSKYSpecial CorrespondentCondoVultures.comSomewhere 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 … (0 comments)
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boca raton: South Florida Housing Inventory Falls Below 90,000 - 04/27/09 12:36 PM
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 … (0 comments)
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boca raton: South Florida Residential Rental Inventory Stands At 27,000 - 04/19/09 11:15 PM
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 … (0 comments)
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boca raton: South Florida Inventory Drops By 1,000 Residences In Week - 04/14/09 07:09 AM
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 … (0 comments)
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boca raton: 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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boca raton: South Florida Resale Inventory Falls 1% To 94,000 Residences - 03/30/09 10:52 AM
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 … (0 comments)
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boca raton: Fraudsters Beware, Florida Proposes Condo Cops - 03/27/09 08:45 AM
A new police force could soon be deputized to monitor the operations of thousands of Florida condominium associations, some of which are victims of fraud.Florida State Rep. Julio Robaina, R-Miami, and his counterpart Florida State Sen. Rudy Garcia, R-Hialeah, have filed companion bills in the state legislature to create a four-person police force to be based in Fort Lauderdale to "investigate, enforce and prosecute" violators of five statutes that govern condominiums, homeowners associations, cooperatives, mobile home parks and timeshares, according to the South Florida Sun-Sentinel."We are getting so many cases of potential fraud that most local police departments are too overwhelmed … (0 comments)
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