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west palm: 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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west palm: $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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west palm: Related Group Negotiates Return Of Unsold Condo Towers - 07/03/09 07:46 PM
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 … (0 comments)
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west palm: 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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west palm: 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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west palm: 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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west palm: 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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west palm: 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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west palm: 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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west palm: 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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west palm: 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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west palm: 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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west palm: 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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west palm: 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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