Latest Florida real estate figures (Miami, Fort Lauderdale: for sale, foreclosures, homeowners association)

[d40372]

Absolutely dismal...

According to the Florida Association of Realtors, single-family existing home sales saw the largest decrease in Miami, where they fell 47 percent [!!!], to 966 home sales in the quarter from 1,828 the prior-year quarter, and median sales prices slipped 3 percent, to $358,400 from $370,400. In Fort Lauderdale, sales fell 31 percent, to 1,244 from 1,814, and median sales prices fell 4 percent, to $344,000 from $359,600. In West Palm Beach-Boca Raton, sales decreased 21 percent, to 1,376 from 1,750, and median sales prices fell 6 percent - the largest drop in South Florida - to $344,000 from $367,900....

According to FAR, existing condo sales fell 39 percent in Miami, to 1,041 from 1,694, as median sales prices stagnated at $265,700, an incremental decline from $266,500 in the prior-year quarter.

Full article here

Interesting how median sales prices seem to not have declined much.

Perhaps someone with more understanding of the market could explain why this might be, short of sellers simply being unwilling to face reality?

[rogerbacon]

Maybe they are holding the houses and bearing the monthly cost while waiting for the next wave of rick stupid people to come to South Florida.

[tallrick]

These people have never seen real estate prices fall. They have no idea that what goes up will come down. Wating it out has always worked since the 70's and they are still holding out for a rebound in prices that will never come.

[Wild Style]

saw this


link

[d40372]

FWIW...

This may or may not be useful information to potential condo-buyers browsing this forum:

BankUnited blacklists 191 condo projects

The Business Journal obtained a list of "non-permissible" projects used internally at BankUnited (NASDAQ: BKUNA) and updated as of Jan. 14. Most of the forbidden properties were in Miami and were added at the last update. It wasn't clear who at the bank wrote the list, but the author stated a reason for almost every project declared off-limits.

Declining market value was the biggest culprit, followed by high investor concentration -- as much as 70 percent in one case. BankUnited also cited numerous foreclosures, delinquent homeowners association dues, structural-based litigation and the bank's existing exposure in the buildings....

[Wild Style]

^^

Whoa,

Miami's situation is a lot worse than I initially assumed.

[heydade]

prices are falling hard and yes...I still see so many homes listed WAAAAY Overpriced. It's funny. Nobody is going to buy these expensive homes...NOBODY. Realtors and sellers need to start facing the reality : Homes need to be AFFORDABLE for people to start buying again. I am talking 200K to 220K TOPS !

[AJ1972]

I am talking 200K to 220K TOPS !

I totally agree.
I look at houses in my neighborhood going for over 300k.
They say, "Hurry! This home won't last at this price!!"
Yea, right! That house has already been up there for a few months.
These homes were purchased in 2002 for $200k.

[lionking]

if you just watch reality.com for listings like I do for the last 2 years you can see for yourself what's what.

And zillow might not always be accurate in appraisal but it does list sale prices accurately and looking at recent compared to a year ago you see the difference.

I see it going lower in prices for at least 08 and probably after that depending on what happens economically.

[eufo]

We've all seen this coming for some time. A collapse in the condo market is very likely. Prices must come down to what's affordable in the market since property investors have been scared off (for now) and/or cut off by banks. This is going to provide some excellent opportunities for those of us still looking to buy.

Prices are in decline, but not a quick decline. Owners are still holding out hope that they can get a lot of money for their property. Bar some kind of miracle, I only see this decline in prices accelerating until finally everyone is afraid to touch the market at all. This is the time to pull the trigger and buy something nice that's affordable.

Along with Real Estate Valuations, Homes for Sale, Free Real Estate Information | Zillow Real Estate , another good website for home value is House Value : Property Value : Real Estate Search - HouseFront: Your Real Estate Search and House Value Tool