Wednesday, April 07, 2010

The New Economy: Everything must go! ... by gimleteye

Condo Vultures offers on a massacre of South Florida condo values: "Here is a list of some of the biggest discounts in the Vultures Database™ on short sales, foreclosures, and bank-owned condos in Miami-Dade, Broward, and Palm Beach counties. For more information on these properties, please contact Condo Vultures® Realty LLC at 305-865-5629."

Miami-Dade County:
Aventura: Condo on the bay discounted 72 percent.
Bal Harbour: Bank-owned, oceanfront condo discounted 43 percent.
Bay Harbor Islands: Bayfront condo reduced 83 percent.
Coconut Grove: Condo reduced 72 percent.
Coral Gables: Bank-owned condo discounted 48 percent.
Eastern Shores: Condo on a canal discounted 31 percent.
Fisher Island: Oceanfront condo reduced 59 percent.
Key Biscayne: Condo reduced 45 percent.
Miami: Condo on the bay discounted 86 percent.
Miami Beach: Condo discounted 67 percent.
Miami Gardens: Condo reduced 50 percent.
Miami Shores: Condo on a canal reduced 33 percent.
N. Bay Village: Condo on the bay discounted 75 percent.
N. Miami: Condo discounted 77 percent.
N. Miami Beach: Bank-owned condo reduced 78 percent.
Sunny Isles: Oceanfront, luxury condo reduced 69 percent.
Surfside: Oceanfront condo discounted 60 percent.

Broward County:
Dania Beach: Condo reduced 37 percent.
Ft. Lauderdale: Oceanfront condo discounted 76 percent.
Hallandale: Condo reduced 62 percent.
Hollywood: Oceanfront condo discounted 69 percent.
Pompano Beach: Condo on the intracoastal reduced 71 percent.
Wilton Manors: Condo discounted 48 percent.

Palm Beach County:
Boca Raton: Condo reduced 49 percent.
Boynton Beach: Condo reduced 66 percent.
Delray Beach: Condo discounted 58 percent.
Hypoluxo: Condo discounted 46 percent.
Palm Beach: Condo on the intracoastal reduced 40 percent.
Riviera: Bank-owned condo reduced 50 percent.
West Palm Beach: Condo discounted 85 percent.

The cratered values show part of the economy in a deep traumatic shock and comes on the heels of a statement by the Latin Builders Association in their magazine, Proyecto, against Amendment 4, Florida Hometown Democracy. When Florida Hometown Democracy, Amendment 4, passes, local voters will be able to vote on changes to their communities' comprehensive development plans. The Latin Builders Association claims "a loss of 267,247 high wage jobs" according to a study by the Washington Economics Group. But the lobbyist for the builders manage to neatly avoid the role of their association in pushing behind closed doors for changes to zoning and permitting that resulted in so much overdevelopment in South Florida, substantially contributing to the great recession. The LBA's tag line, "If you liked the recession, you'll love Amendment 4" is silly. Count on voters, whose taxes are going up, whose property values are plunging, to sort out that the interests crying wolf about Amendment 4-- giving voters a chance at direct democracy-- are exactly the ones who opened the barn door to let in the wolves in the first place.


Anonymous said...

Umm, what percent of those alarmist "statistics" resulted from comp plan changes? Most look like they are in urbanized areas, and are a result of oversupply of CREDIT, not exurban housing. If you like traffic, you'll love Amendment 4.

Anonymous said...

Alarmist? If you own one of the condos, bought anywhere between 1995 and 2005, or in sprawl-land, you know there is nothing alarmist about those numbers. Sounds like a lobbyist crying at the bar. Don't you just love how the blame always gets shifted to an "oversupply of credit". Who in the builder and development lobby objected to the credit, when it was pouring out or when Greenberg Traurig was pumping out the zoning changes and comp changes? LOL.

Anonymous said...

First Anon - and obviously you didn't get the memo - the over supply of credit fueled unnecessary building - INCLUDING CONDOS BY THE SCORES.

Stratton said...

Real Estate professionals and statisticians alike realize the the CondoVulture Database is simply a marketing tool. A very good marketing tool.

If you have a condo worth $250,000 (that's market price) you list it on the Multi Listing Service for $1.5 Million.
There is no law against that. Then, you can reduce the price to $500,000 (still overpriced) but the Condo Vulture will hit the export MLS Data button into his Excel spreadsheet, and voila!
Miami Beach: Condo discounted 67 percent.

Anonymous said...

My home in Miami is worth 70% less than it was worth in 2007. It will never recover.

Many people who have lost 75% of every thing they owned in Miami.

Miami. City of $350,000 per year firemen. The City of Miami taxpayers pay firemen $350,000 per year, then the firemen take the money to Broward County. How is that sustainable?