Monday, December 27, 2010
MIAMI, FL---More South Florida residences resold in 2010 than in the last year of the real estate boom in 2006 as buyers rushed in this year to take advantage of deep discounts on distressed properties and a government-funded $8,000 first-time home buyers tax credit, according to a new report from CondoVultures.com.
With a week left to go in this calendar year, nearly 75,000 single-family houses, condos, and townhouses - an average of 6,250 per month - have already resold in 2010 compared to less than 67,600 transactions - 5,600 per month - in 2006 in the same tricounty region of Miami-Dade, Broward, and Palm Beach counties, according to a new analysis from the licensed Florida sell-side brokerage CVR Realty™.
On a year-over-year basis, the number of resale transactions in 2010 is up 10.4 percent compared to 2009 when more than 67,800 transactions - 5,650 per month - occurred. South Florida resales totaled only 45,700 - 3,800 per month - in 2008 and nearly 47,600 - 4,000 per month - in 2007, according to the analysis based on Florida Association of Realtors data.
"Today's South Florida real estate market is strictly a function of price, not emotion," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Nearly 7,400 more residential resale transactions have occurred in the year 2010 than in the year 2006 due in large part to the current prices that are an average of 40 percent less.
“ Now, consider the widespread concerns that exist today about a possible double dip in pricing or the lack of available financing, and then compare this current mood to the bullish outlook and easy credit of 2006."
The 2010 residential resale totals will be a topic at the upcoming Condo Vultures® third annual "State of the South Florida Condo Market" program on Jan. 25 in Downtown Miami. The keynote speaker is Zalewski, who will provide a statistical overview of the seven largest South Florida condo markets east of I-95 in the tricounty region.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at email@example.com
“MMCC was able to provide valuable insight to the borrower regarding the types of bridge financing available for this project in the current market and work within a tight construction timeline,” says Rock. “We closed the loan in less than 30 days including a pre-negotiated discounted payoff.
“Many developers/borrowers are having difficulty securing conventional financing and are willing to pay higher bridge loan rates to complete their projects,” adds Rock. “This luxury property is part of a master-planned community created by a world-class developer.
Last year, MMCC closed more than 522 transactions in commercial real estate financing.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation