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SOUTH.FLORIDA.MARKET.INTELLIGENCE  |
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South Beach New Condo Sales Double in Q2 2010
South Beach new condo sales doubled in the second quarter of 2010 on a quarter-over-quarter basis to 31 individual transactions even as the average price held steady at $1,365 per square, according to a new Condo Vultures® White Paper™.
Not included in the new sales totals from April through June 2010 is a 46-unit bulk deal that traded for $29.6 million, or $436 per square foot, in the Capri South Beach condominium fronting Biscayne Bay, according to the Condo Vultures® Bulk Deals Database™.
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| SOUTH.FLORIDA.REAL.ESTATE.NEWS |
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SOUTH.FLORIDA.FINANCE.NEWS |
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Florida leads nation in foreclosures in first half of 2010
Palm Beach Post, Posted: 07/29/10
Florida led the nation in foreclosures in the first six months of the year, according to new data released this morning.
The Miami-Fort Lauderdale-Pompano Beach metropolitan area received more foreclosure-related warnings in the first half of this year than any other, foreclosure listing firm RealtyTrac Inc. said.
Florida accounted for nine of the top 20 metro areas with the highest foreclosure rates.
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UF study: BP oil spill adds to uncertainty about Florida’s real estate market
University of Florida News, Posted: 07/29/10
The BP oil spill threatens to swamp a shaky Florida real estate industry that had been bottoming out because of repeated economic blows, the latest University of Florida survey finds. “The devastating effect of the spill on the Panhandle’s economy has created a giant cloud of uncertainty that is affecting all markets across the state,” said Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies, which issued its quarterly survey Wednesday (7/28).
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Real estate agents: Aventura condo prices still falling
Miami Herald, Posted: 07/29/10
There has been an injection of some much-needed good news in the otherwise gloomy South Florida real estate market in the last 24 hours, but what's the outlook for Aventura?
We reached out to local real estate agents to get their take, and while they pointed to a few signs that the city is recovering, they also indicated that sales in the last month have been slow, and that prices are falling.
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Americans Tap $8.3 Billion in Home Equity, Least in a Decade
Bloomberg, Posted: 07/29/10
Americans in the second quarter tapped the smallest amount of home equity in a decade, showing households are focused on repairing tattered finances.
Owners took out $8.3 billion while refinancing prime home loans as borrowing costs dropped from April through June, down from $8.4 billion in the previous three months and the least in 10 years, according to a report today by McLean, Virginia-based Freddie Mac.
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Florida winning very slow race to economic recovery
Miami Herald, Posted: 07/29/10
The Gulf oil spill hasn't ruined Florida's economic recovery and the modest growth will continue this year, according to a new report.
While the oil crisis dealt a blow to the Panhandle tourism industry, it won't be enough to stop the Sunshine State's economy from growing 2.9 percent this year, a University of Central Florida forecast said. Even so, the report predicts recovery at snail's pace both statewide and in South Florida as employers resist hiring and real estate values remain depressed.
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Floridians not confident about their finances
South Florida Sun Sentinel, Posted: 07/28/10
Florida's economy may be teetering on the brink of recovery, but consumers don't seem to be feeling it. Florida consumers have the worst outlook on what's ahead for their personal finances in 25 years, according to a survey released Tuesday.
That dismal report is part of the state's monthly consumer confidence index for July. Overall, Floridians' consumer confidence declined as well, to its lowest point in 16 months, as oil from the Deepwater Horizon well was flowing into the Gulf of Mexico for most of the month.
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