Condo Vultures® - Market Intelligence Report
Report: South Florida Properties Plummet By -$1.05 Billion From Historical Highs
As the global markets tumble, nearly 4,500 coastal residential properties in Miami-Dade, Broward, and Palm Beach counties have fallen by a combined value of -$1.05 billion, or an average of -33 percent, off of their historical highs, according to a new Vultures Database™ report from Condo Vultures® LLC.
The average asking price in the Vultures Database™ was down by -$234,547 per property on Sept. 30 compared to a discount of -$227,330, or -32 percent, per property a month earlier on Aug. 31, according to the report by the Bal Harbour, Fla.-based consultancy.
As the discounts have deepened for coastal South Florida properties, the inventory has steadily decreased due to increased buying activity.
For September, there were 4,456 residences being tracked in the Vultures Database™, compared to 4,647 properties in August, according to the report .
“The stock market uncertainty and the strengthening U.S. dollar are prompting an increasing number of people to look more closely at brick-and-mortar investments," said Peter Zalewski, a principal with Condo Vultures® LLC that released the report . "If someone is adopting that strategy, the fundamentals – population, weather, product quality, and land constraints – of South Florida make the region a viable option for many.”
Condominiums, townhouses, and single-family houses located east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties are added to the Vultures Database™ once the asking prices are reduced by at least 10 percent or $100,000.
Condominiums represent 69.4 percent of the total inventory, with 3,093 units in the Vultures Database™. Houses and townhouses make up the remaining 30.6 percent of the inventory, or 1,363 properties, according to the report.
For August, condominiums accounted for 68.8 percent, or 3,196 units, of the total inventory in the Vultures Database™. Single-family houses and townhouses represented 31.2 percent, or 1,451 residences, of the total inventory, according to the report.
Palm Beach County is increasingly offering the deepest discounts in condominiums in the Vultures Database™, with Royal Palm Beach ranking No. 1 with an average reduction of -52 percent. Delray Beach is second with an average price drop of -51 percent.
Rounding out the top five rankings are the cities of Boca Raton in Palm Beach County, Oakland Park in Broward County, and North Miami in Miami-Dade County, which are all tied for the No. 3 ranking with an average discount of -40 percent, according to the report.
The cities with the deepest discounts in single-family houses and townhouses are scattered throughout South Florida's three counties.
Palm Beach ranks No. 1 with a -56 percent discount. Boynton Beach ranks second with a discount of -52 percent. Oakland Park is No. 3 with a -44 percent drop. Rounding out the top five rankings are Hallandale Beach in Broward County with a -39 percent drop for the No. 4 spot, and in fifth position are the cities of Bay Harbor Islands in Miami-Dade County and Lantana in Palm Beach County with an average discount of -38 percent each, according to the report.
Condo Vultures® Deep Discounts of the Week: Bank-Owned Properties
Here is a list of some of the biggest discounts in the Vultures Database™ for bank-owned condos and single-family houses in Miami-Dade, Broward, and Palm Beach counties:
Miami-Dade County: Aventura: There is a bank-owned condo in Aventura discounted by -60 percent. Coconut Grove: There is a bank-owned house in Coconut Grove discounted by -54 percent. Coral Gables: There is a bank-owned house in Coral Gables discounted by -65 percent. North Bay Village: There is a bank-owned condo unit in North Bay Village discounted by -66 percent. Miami: There is a bank-owned house in Miami discounted by -82 percent. Miami Beach: There is a bank-owned condo unit in Miami Beach discounted by -69 percent. Miami Shores: There is a bank-owned house in Miami Shores discounted by -65 percent. North Miami Beach: There is a bank-owned condo unit in North Miami Beach discounted by -70 percent. South Miami: There is a bank-owned house in South Miami discounted by -70 percent. Sunny Isles Beach: There is a bank-owned condo unit in Sunny Isles Beach discounted by -64 percent. Surfside: There is a bank-owned house in Surfside discounted by -56 percent.
Broward County: Fort Lauderdale: There is a bank-owned house in Fort Lauderdale discounted by -78 percent. Hallandale Beach: There is a bank-owned house in Hallandale Beach discounted by -67 percent. Hollywood Beach: There is a bank-owned house in Hollywood Beach discounted by -73 percent. Dania Beach: There is a bank-owned house in Dania Beach discounted by -79 percent. Oakland Park: There is a bank-owned house in the Oakland Park area discounted by -75 percent. Pompano Beach: There is a bank-owned condo unit in Pompano Beach discounted by -36 percent. Wilton Manors: There is a bank-owned house in Wilton Manors discounted by -54 percent.
Palm Beach County: Boca Raton: There is a bank-owned condo unit in Boca Raton discounted by -60 percent. Boynton Beach: There is a bank-owned house in Boynton Beach discounted by -65 percent. Delray Beach: There is a bank-owned condo unit in Delray Beach discounted by -53 percent. West Palm Beach: There is a bank-owned house in West Palm Beach discounted by -47 percent.
To get more information on these properties, please don’t hesitate to contact Condo Vultures® Realty LLC at 305-865-5629 or by email at inquiry@condovultures.com
Report: South Florida Properties Plummet By -$1.05 Billion From Historical Highs
As the global markets tumble, nearly 4,500 coastal residential properties in Miami-Dade, Broward, and Palm Beach counties have fallen by a combined value of -$1.05 billion, or an average of -33 percent, off of their historical highs, according to a new Vultures Database™ report from Condo Vultures® LLC.
The average asking price in the Vultures Database™ was down by -$234,547 per property on Sept. 30 compared to a discount of -$227,330, or -32 percent, per property a month earlier on Aug. 31, according to the report by the Bal Harbour, Fla.-based consultancy.
As the discounts have deepened for coastal South Florida properties, the inventory has steadily decreased due to increased buying activity.
For September, there were 4,456 residences being tracked in the Vultures Database™, compared to 4,647 properties in August, according to the report .
“The stock market uncertainty and the strengthening U.S. dollar are prompting an increasing number of people to look more closely at brick-and-mortar investments," said Peter Zalewski, a principal with Condo Vultures® LLC that released the report . "If someone is adopting that strategy, the fundamentals – population, weather, product quality, and land constraints – of South Florida make the region a viable option for many.”
Condominiums, townhouses, and single-family houses located east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties are added to the Vultures Database™ once the asking prices are reduced by at least 10 percent or $100,000.
Condominiums represent 69.4 percent of the total inventory, with 3,093 units in the Vultures Database™. Houses and townhouses make up the remaining 30.6 percent of the inventory, or 1,363 properties, according to the report.
For August, condominiums accounted for 68.8 percent, or 3,196 units, of the total inventory in the Vultures Database™. Single-family houses and townhouses represented 31.2 percent, or 1,451 residences, of the total inventory, according to the report.
Palm Beach County is increasingly offering the deepest discounts in condominiums in the Vultures Database™, with Royal Palm Beach ranking No. 1 with an average reduction of -52 percent. Delray Beach is second with an average price drop of -51 percent.
Rounding out the top five rankings are the cities of Boca Raton in Palm Beach County, Oakland Park in Broward County, and North Miami in Miami-Dade County, which are all tied for the No. 3 ranking with an average discount of -40 percent, according to the report.
The cities with the deepest discounts in single-family houses and townhouses are scattered throughout South Florida's three counties.
Palm Beach ranks No. 1 with a -56 percent discount. Boynton Beach ranks second with a discount of -52 percent. Oakland Park is No. 3 with a -44 percent drop. Rounding out the top five rankings are Hallandale Beach in Broward County with a -39 percent drop for the No. 4 spot, and in fifth position are the cities of Bay Harbor Islands in Miami-Dade County and Lantana in Palm Beach County with an average discount of -38 percent each, according to the report.
Condo Vultures® Deep Discounts of the Week: Bank-Owned Properties
Here is a list of some of the biggest discounts in the Vultures Database™ for bank-owned condos and single-family houses in Miami-Dade, Broward, and Palm Beach counties:
Miami-Dade County: Aventura: There is a bank-owned condo in Aventura discounted by -60 percent. Coconut Grove: There is a bank-owned house in Coconut Grove discounted by -54 percent. Coral Gables: There is a bank-owned house in Coral Gables discounted by -65 percent. North Bay Village: There is a bank-owned condo unit in North Bay Village discounted by -66 percent. Miami: There is a bank-owned house in Miami discounted by -82 percent. Miami Beach: There is a bank-owned condo unit in Miami Beach discounted by -69 percent. Miami Shores: There is a bank-owned house in Miami Shores discounted by -65 percent. North Miami Beach: There is a bank-owned condo unit in North Miami Beach discounted by -70 percent. South Miami: There is a bank-owned house in South Miami discounted by -70 percent. Sunny Isles Beach: There is a bank-owned condo unit in Sunny Isles Beach discounted by -64 percent. Surfside: There is a bank-owned house in Surfside discounted by -56 percent.
Broward County: Fort Lauderdale: There is a bank-owned house in Fort Lauderdale discounted by -78 percent. Hallandale Beach: There is a bank-owned house in Hallandale Beach discounted by -67 percent. Hollywood Beach: There is a bank-owned house in Hollywood Beach discounted by -73 percent. Dania Beach: There is a bank-owned house in Dania Beach discounted by -79 percent. Oakland Park: There is a bank-owned house in the Oakland Park area discounted by -75 percent. Pompano Beach: There is a bank-owned condo unit in Pompano Beach discounted by -36 percent. Wilton Manors: There is a bank-owned house in Wilton Manors discounted by -54 percent.
Palm Beach County: Boca Raton: There is a bank-owned condo unit in Boca Raton discounted by -60 percent. Boynton Beach: There is a bank-owned house in Boynton Beach discounted by -65 percent. Delray Beach: There is a bank-owned condo unit in Delray Beach discounted by -53 percent. West Palm Beach: There is a bank-owned house in West Palm Beach discounted by -47 percent.
To get more information on these properties, please don’t hesitate to contact Condo Vultures® Realty LLC at 305-865-5629 or by email at inquiry@condovultures.com
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Peter
Zalewski is a principal with the consulting
company
Condo Vultures® LLC
and a licensed real estate broker with
Condo Vultures® Realty LLC.
Peter can be reached at 305-865-5629 or by email
at
peter@condovultures.com.
Be sure to check out Peter’s blog at
CondoDump.com.
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