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reo: 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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reo: 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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reo: 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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reo: 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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reo: 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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reo: 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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reo: $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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reo: 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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reo: 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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reo: 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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reo: 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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reo: 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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reo: 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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reo: Miami's Condo Crash Subject Of New eBook - 03/12/09 08:08 AM
Miami's great condominium crash of the 21st Century is the subject of a new 350-plus page eBook scheduled for release in April by Condo Vultures® LLC.The soon-to-be-published eBook provides a running chronicle - in words and photos - of Greater Miami's condominium boom and bust since 2006. This eBook is a compilation of more than 100 chapters written by a variety of South Florida industry professionals including:- Peter Zalewski, a consultant, real estate broker, and former South Florida financial journalist;- Mark Zilbert, a Miami Beach broker and creator of CondoFlip.com;- Jim Freer, a veteran South Florida banking journalist;- John Fakler, a … (0 comments)
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reo: 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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reo: Fannie Mae Gets Into Short-Term Rental Business - 01/15/09 08:42 AM
Fannie Mae, the public-private mortgage giant bailed out by the U.S. government in 2008, is going into the short-term rental business.Fannie Mae has unveiled a new National REO Rental Policy that now permits renters - regardless of credit score or payment history - to lease homes that have been repossessed by the mortgage giant."Overwhelmed with thousands of bank-owned properties in places such as South Florida, Las Vegas, and San Diego, Fannie Mae is obviously desperate to stabilize its portfolio of repossessed residences and reduce the monthly expenses," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. … (0 comments)
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