CondoVultures.com :: Market Intelligence Feed

South Florida Prices Shed -$1.05 Billion As Discounts Reach -33%

Fri, 10 Oct 2008 18:34:24 -0400

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

Condo Vultures� - Market Intelligence Report

South Florida Foreclosures Top $14 billion As Lehman Pursues $91 Million In Problem Loans

Bankrupt investment firm Lehman Brothers is foreclosing on nearly $91 million in problem South Florida loans, an amount that represents nearly 1 percent of the regional total foreclosure value through the first three quarters of 2008, according to a new report from Condo Vultures� LLC.

Most of Lehman Brothers� bad loan amount is in Miami-Dade County, where $90 million worth of financing is in default. An additional $596,000 in residential financing is in default in Palm Beach County, and $355,000 in residential financing in Broward County, according to the Bal Harbour, Fla.-based consultancy that generated the report based on circuit court records. <

Lehman Has Nearly $2.4 Billion In Miami Area Real Estate Loans

Sun, 21 Sep 2008 12:13:51 -0400

Condo Vultures� - Market Intelligence Report

Lehman Brothers Has Nearly $2.4 Billion In Miami, South Florida Real Estate Loans

Bankrupt Wall Street investment bank Lehman Brothers Holdings Inc. and its subsidiaries have nearly $2.4 billion in commercial real estate loans in Miami and South Florida, according to a new report by Condo Vultures� LLC.

Lehman (NYSE: LEHMQ.PK) has 50 outstanding loans with 22 loans in Miami-Dade County totaling $965 million, 13 in Broward County totaling $899 million, and 15 in Palm Beach County totaling $490 million, according to the report by the Bal Harbour, Fla.-based consultancy.

Lehman and its subsidiaries are the lead lender on a number of high profile South Florida real estate projects, r

Lehman Has Nearly $2.4 Billion In Miami Area Real Estate Loans

Sun, 21 Sep 2008 12:11:45 -0400

Condo Vultures� - Market Intelligence Report

Lehman Brothers Has Nearly $2.4 Billion In Miami, South Florida Real Estate Loans

Lehman and its subsidiaries are the lead lender on a number of high profile South Florida real estate proje

Discount Discrepancy Widens Between Miami�s Mainland, Barrier Island

Sun, 24 Aug 2008 19:49:00 -0400

Condo Vultures� - Market Intelligence Report

Report: Discount Discrepancy Widens Between Miami�s Mainland, Barrier Island

Discounts in Miami-Dade County�s coastal condominium markets are moving in different directions depending upon which side of Biscayne Bay a particular project is located, according to a new report from Condo Vultures� LLC.

As the average discounts in percentage terms and total dollars deepens on Miami-Dade County�s Mainland where the bulk the new construction occurred, pricing is leveling off for condo units situated on the barrier island where the beaches are located, according to the Vultures Database� Report for August 2008.

�The growing discrepancy in discounts between Greater Miami�s Mainland and the Barrier Island is not that big of a surprise given today�s buying trends,� said Peter Zalewski, a principal with the consultancy

Fannie Mae To Open Satellite Offices To Liquidate Bank-Owned Properties

Tue, 19 Aug 2008 21:12:38 -0400

Condo Vultures� - Market Intelligence Report

Fannie Mae To Open Satellite Offices To Liquidate Bank-Owned Properties

Reminiscent of the Resolution Trust Corporation�s approach of the early 1990s when real estate was liquidated for a fraction of its value, mortgage giant Fannie Mae plans to unload thousands of repossessed homes by way of opening offices in South Florida and Southern California to �get the property out the door.�

Fannie Mae intends to open an office in Fort Lauderdale, Fla., in August, and a sister office in Irvine, Calif., in September.

The satellite offices are designed to streamline Fannie Mae�s efforts to unload bank-owned properties known as Real Estate Owned (REO), reduce defaults, and better manage repossessed properties until the inventory can eventually be liquidated.

Speculative Condo Project Begins Construction In Miami-Dade County

Wed, 13 Aug 2008 16:17:44 -0400

Condo Vultures� - Market Intelligence Report

Speculative Condo Project Begins Construction In Miami-Dade County

As the last three residential construction cranes move closer to being disassembled in the oversupplied Downtown Miami condo market, four additional cranes - against steep odds - have suddenly sprung up on a new speculative oceanfront condominium project proposed in the barrier island city of Bal Harbour in northeast Miami-Dade County.

The newly installed construction cranes have been erected to facilitate the building of the proposed St. Regis Bal Harbour Resort & Residences condominium and hotel on an 8.9-acre site where the Sheraton Bal Harbour Hotel once stood.

The planned three-tower St. Regis complex is proposed to have 268 condominium units, 36 condo-hotel units, and 24 fractional units for sale to the public plus 182 hotel rooms and a presidential suite that will be owned by the developer, 9701 Collins Avenue LLC.

Price

Renters Filling New Miami Condos, But Will Rates Hold?

Wed, 06 Aug 2008 09:54:51 -0400

Condo Vultures� - Market Intelligence Report

Renters Filling New Miami Condos, But Will Rates Hold?

Less than 800 condo units are currently available for rent in the Greater Downtown Miami area despite nearly 21,000 new residences being built in the last five years, according to a new report from Condo Vultures� LLC.

Of the units that are currently available for lease, the rental rates being agreed to on an annual square foot basis per month in the Greater Downtown Miami area are about $1.85 for a city view and $2 for a water view, which is about 30 percent cheaper than in Miami Beach�s South Beach neighborhood, according to the report.

The Greater Downtown Miami area is defined as the Rickenbacker Causeway north to the Julia Tuttle Causeway, Interstate 95 east to Biscayne Bay. The Brickell Avenue area, Downtown Miami, and the Biscayne Boulevard Corridor toget