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 Realtors data.
"Before the South Florida condo market can stabilize, the overall inventory must first be reduced," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "It is significant psychologically for the region to see the condo resale inventory slip below 50,000 units. Going forward, we see the resale inventory being depleted at a more rapid pace in the coastal submarkets of South Florida compared to the western suburbs, which are far removed from the ocean. "
Condos represent 60 percent of the total South Florida residential resale inventory of 82,792 residences as of June 8, according to Condo Vultures®. South Florida's total inventory of condos, townhouses, and single-family houses is down 23 percent, or 24,735, since Thanksgiving week in November when there were 107,527 residences for resale.
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence ReportTM for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM. Our new books, the Official Condo Buyers Guide to MiamiTM , Miami's Great Condo Crash: A Chronicle of the Boom and BustTM and First-Time Home Buyers Guide To South FloridaTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
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 foreclosure action filed in May, according to the Foreclosure DatabaseTM.
"Single-family houses accounted for two of the 34 foreclosure actions filed in South Beach in May," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "For the year, condos have accounted for more than 90 percent of the 176 foreclosure actions filed in South Beach through the end of May."
Nearly half of the May foreclosures in South Beach are located on four streets: West Avenue (7 filings); Collins Avenue (4 filings); Ocean Drive (2 filings), Lincoln Road (2 filings). The remainder of the foreclosure actions are spread throughout the barrier island neighborhood.
Overall, lenders moved to foreclose 81 properties in Miami Beach in May, up from efforts to repossess 112 properties in April. For the year, lenders have filed 463 actions against Miami Beach properties, according to the Condo Vultures® Foreclosure DatabaseTM.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence ReportTM for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM. Our new books, the Official Condo Buyers Guide to MiamiTM and Miami's Great Condo Crash: A Chronicle of the Boom and BustTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
Raul Valdes-Fauli, the Miami-Dade County president and chief executive officer of CNL Bank, has confirmed his participation on the upcoming Condo Vultures® panel discussion examining rental rate trends and the quest for double-digit cap rates on residential investment properties.
Valdes-Fauli is a veteran commercial lender in South Florida who previously worked at Colonial Bank and the former Union Bank before taking the reign of Miami-Dade County for Orlando-based CNL Bank.
Valdes-Fauli joins national real estate analyst Jack McCabe of McCabe Research & Consulting and Alan Ojeda, developer of the new high-rise rental tower One Broadway in Miami's Brickell Avenue area, on the Condo Vultures® Seminar Series June panel discussion on South Florida's rental market.
Valdes-Fauli, McCabe, and Ojeda join a soon-to-be-announced owner of a large condo association management company for a discussion with Condo Vultures® principal Peter Zalewski about the current and future trends in South Florida's rental market.
The June 16 program is scheduled to feature a networking session, panel discussion, and question and answer period with the panel. For more information, visit the Upcoming Events page at CondoVultures.com.
Peter Zalewski of Condo Vultures® can be reached at 80... or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence ReportTM for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM. Our new books, the Official Condo Buyers Guide to MiamiTM and Miami's Great Condo Crash: A Chronicle of the Boom and BustTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
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 by between 1 percent and 2 percent on a week-over-week basis," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "During the same period, pending sales have consistently increased by between 1 percent and 3.5 percent on a weekly basis since November. This trend suggests that summer - which historically is a quiet period - looks to be active."
Miami-Dade County, where Miami Beach, Coral Gables, and Sunny Isles Beach are located, has
the greatest number of available residential resale properties with 32,133, or 38 percent of the tri-county regional total. The inventory in Miami-Dade has dropped 21.6 percent in the last six months from 40,994 properties on Nov. 24, according to the report.
Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, has the second largest share of available residential properties in South Florida with 27,669, or 33 percent of the regional total. In November, Broward County had 36,926 residences for resale.
Palm Beach County, where West Palm Beach, Boca Raton, and Delray Beach are located, has the fewest number of properties available for resale with 25,160, or 30 percent of the regional total. On Nov. 24, Palm Beach County had 29,607 properties available for resale, according to the report On a deal basis, Broward County is the busiest place in the region.
Pending sales in Broward are up 80 percent in the last six months to 5,934 contracts on May 25 compared to 3,295 deals on Nov. 24.
Pending sales in Miami-Dade are up 60 percent to 6,789 deals on May 25 compared to 4,245 contracts six months ago.
Palm Beach County's pending sales are up 52 percent in the last six months to 2,676 contracts on May 25 compared to 1,762 deals in November, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence ReportTM for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM. Our new books, the Official Condo Buyers Guide to MiamiTM and Miami's Great Condo Crash: A Chronicle of the Boom and BustTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
The Federal Deposit Insurance Corp., which guarantees bank accounts up to $250,000, lost nearly $5.2 billion last week with the failure of a Florida savings institution and two Illinois banks.
Last week's bank failures push the total losses incurred by the FDIC in the first five months of 2009 to more than $10.6 billion. In all of 2008, the FDIC lost between $10.4 billion and $14.9 billion, according to a new report from Condo Vultures® LLC using regulatory data.
"The FDIC is losing an average of $2 billion per month with bank failures," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "We expect this trend to continue given that the FDIC plans to open a 500-person bank seizure in asset sales office in Jacksonville, Fla., in September to deal with troubled banks in the Southeast and especially Florida."
Of the 36 banks shut by regulators in 2009, only three have been in Florida even though the sunshine state is considered by many to be the epicenter of the U.S. housing crash.
The most recent failure was on Thursday, May 21, with regulators shuttered Florida's largest institution, BankUnited. Headquartered in suburban Miami, BankUnited had $12.8 billion in assets, $8.6 billion in deposits, and more than 80 branch locations throughout Florida.
BankUnited's failure is estimated to cost the FDIC about $4.9 billion, making it the largest bank failure since July 2008 when IndyMac was seized.
IndyMac Bank was a California-based institution with $32 billion in assets and $19 billion in deposits. The IndyMac failure cost the FDIC between $4 billion and $8 billion.
The two Illinois banks to be closed last week on May 22 were Strategic Capital Bank and Citizens National Bank.
Strategic Capital Bank had assets of $537 million and deposits of $471 million. The FDIC's estimated loss from Strategic Capital Bank is $173 million.
Citizens National Bank had assets of $437 million and deposits of $400 million. The FDIC's estimated loss from Citizens National Bank is $106 million.
Peter Zalewski of Condo Vultures® can be reached at 80... or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence ReportTM for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM. Our new books, the Official Condo Buyers Guide to MiamiTM and Miami's Great Condo Crash: A Chronicle of the Boom and BustTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
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