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Florida

[Sand and Sales] 2Q 2012 Palm Beach Report

July 31, 2012 | 9:18 pm | | Reports |

We published our inaugural report on the Palm Beach, Florida sales market for 2Q 2012.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Palm Beach, Florida

-Condo sales were up sharply over year ago levels while single family sales slipped over the same period.
-Condo median sales price showed large increase as single family median sale price fell below year ago levels.
-Days on market fell from year ago levels for both condos, single family and luxury properties.
-North End sales edged higher as prices declined.
-South End sales were up sharply over year ago levels while median sales price edged higher.

Here’s an excerpt from the report:

CONDO/TOWNHOUSE Median sales price was $470,000, up 16% from $405,000 in the same period last year. Average sales price and average price per square foot increased 11.9% and 2.7% respectively over the same period. There were 119 sales this quarter, 22.7% more than in the prior year quarter…

SINGLE FAMILY There were 39 sales in the second quarter, 11.4% below the 44-sale total in the prior year quarter. The time to sell a property fell by more than two months over the same period. Days on market averaged 250 days, 67 days faster than 317 days in the same period last year…

You can build your own custom data tables on the market – now updated with 2Q 12 data. We’ll be adding a chart library for this market area soon!




The Elliman Report: 2Q 2012 Palm Beach [Miller Samuel]
The Elliman Report: 2Q 2012 Palm Beach [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]


[Full Frontal Waterfront] 2Q 2012 Fort Lauderdale Report

July 31, 2012 | 9:01 pm | | Reports |

We published our inaugural report on the Fort Lauderdale, Florida sales market for 2Q 2012.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Fort Lauderdale, Florida

-Overall and luxury price indicators for condo and single family properties saw double-digit increases from prior year.
-Condo and single family sales were below year ago levels but were both the 5th highest quarterly total in more than 6 years.
-Waterfront homes were the only segment to post a year over year increase in sales.
-Days on market fell from year ago levels for both condos, single family and luxury properties.

Here’s an excerpt from the report:

CONDO/TOWNHOUSE Median sales price was up 21.2% to $209,000, from $172,440 in the prior year quarter. Average sales price and price per square foot showed similar double-digit gains over the same period. The number of sales declined 7.7% to 608 from 659 in the prior year quarter. With 1,035 listings at the end of the second quarter, the 5.1-month absorption rate was considered tight for the region…

SINGLE FAMILY Listing discount fell to 5.7% from 7.4% in the same period last year. Days on market was 113, 18 days faster than in the same period last year. There were 745 listings and as a result, the absorption rate was 5 months, considered fast relative to other markets in the region…

You can build your own custom data tables on the market – now updated with 2Q 12 data. We’ll be adding a chart library for this market area soon!




The Elliman Report: 2Q 2012 Fort Lauderdale [Miller Samuel]
The Elliman Report: 2Q 2012 Fort Lauderdale [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]

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[Breaking Out] 2Q 2012 Boca Raton Report

July 31, 2012 | 8:34 pm | | Reports |

We published our inaugural report on the Boca Raton, Florida sales market for 2Q 2012.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Boca Raton, Florida

-All condo price indicators were up year-over-year.
-Condo sales below year ago quarter but second highest sales level in more than 6 years.
-Condos sold two weeks faster that the year ago quarter, taking an average of 158 days.
-Single family price indicators were mixed as the number of sales edged higher.
-Median sales price in luxury market (top 10%) outpaced the overall market.

Here’s an excerpt from the report:

CONDO/TOWNHOUSE Median sales prices was $125,000, its highest level in two years, and up 9.4% from $114,250 in the prior year quarter. Average sales price and price per square foot followed the same pattern. Number of sales were 8.1% below prior year levels, but represented 54.2% of all market sales…

SINGLE FAMILY Median sales price slipped 1.7% to $285,000 from prior year levels, while average sales price increased 1.5% to $518,485 over the same period. Number of sales were 1.5% above prior year levels and represented 45.8% of all market sales….

You can build your own custom data tables on the market – now updated with 2Q 12 data. We’ll be adding a chart library for this market area soon!




The Elliman Report: 2Q 2012 Boca Raton [Miller Samuel]
The Elliman Report: 2Q 2012 Boca Raton [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]


Translating Miami Real Estate Into Spanish & Portuguese, 2Q 2012 Edition

July 27, 2012 | 8:45 am | | Reports |

South Florida-based Douglas Elliman has translated the Miami market report I prepare to Spanish and Portuguese versions in order to better serve their clients, all in the name of increased market transparency. Love it.

Elliman Report: Miami Sales (Spanish) | Elliman Report: Miami Sales (Portuguese)

[click to open reports]


Elliman Report: Miami Sales (Spanish) 2Q 2012 [Douglas Elliman]
Elliman Report: Miami Sales (Portuguese) 2Q 2012 [Douglas Elliman]
Elliman Report: Miami Sales (English) 2Q 2012 [Douglas Elliman]


CNBC Street Signs – Is Miami Forming a New Housing Bubble?

June 18, 2012 | 1:10 pm | Public |


[click to play video]

Reporter Robert Frank spoke with me and pens a good piece on the Miami phenomenon and provides an interview for Street Signs. It’s worth a look.

No, not in the same way we saw one formed in the middle of the last decade.

In other words, Miami’s boom is not a broad-based market recovery driven by local families needing a home. It’s being fueled by a tiny top slice of super-rich overseas buyer looking for the latest hot investment.

They’re not buying their first home, or even their second or third. They’re investing in a stock with an ocean view.

25% of foreign investment of US real estate in Florida, most of it is in Miami.

“Most patient” capital

“Very discretionary”


Is the Miami Mansion Boom Becoming a Bubble? [CNBC]
Is there a bubble in Miami? [CNBC Street Signs]


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[RealtyTrac] Overall Foreclosure Activity Surpasses 300,000 For 15th Straight Month

June 10, 2010 | 12:17 pm | |


[click to open report]

While the headline of RealtyTrac’s May 2010 US Foreclosure Activity report indicates foreclosures fell 3% in May (322,920).

The numbers in May continued and confirmed the trends we noticed in April: overall foreclosure activity leveling off while lenders work through the backlog of distressed properties that have built up over the past 20 months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Defaults and scheduled auctions combined increased by 28 percent from 2007 to 2008 and another 32 percent from 2008 to 2009 — creating a build-up of delayed bank repossessions. Lenders appear to be ramping up the pace of completing those forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed.


[click to open report]

The press release headline suggests some modest improvement, but when its bad, a little less bad is not really better, its just less bad. The numbers are still huge. 15th month in a row with filings in excess of 300,000.

I dubbed 2010 as the “Year of the Short Sale” because lenders will find this alternative cheaper than actual foreclosure.

Here are some of the metrics of the report:

  • Nevada (1 in every 79 housing units receiving a foreclosure notice), Arizona (1 in every 169 properties received a foreclosure notice), Florida (1 in every 174 Florida properties received a foreclosure notice) post top state foreclosure rates
  • 10 states account for more than 70 percent of national total
  • 22% of filings are in California

Here’s the master table:


[click to open report]



[Eye on Real Estate] WOR NewsTalk Radio 710 May 29, 2010

May 31, 2010 | 9:21 pm | | Radio |

For each week’s Eye on Real Estate Show on WOR NewsTalk Radio 710, we include a segment called “The BlogCast” where I discuss several housing related (sometimes a stretch) posts from some of my favorite blogs. They cover topics that are current, funny or simply a “must read”.

Last Saturday’s BlogCast covered the following blog posts:

[Gothamist] Where’s The City’s Worst Cell Service? The best cell phone service can be found in the Lincoln Tunnel, which sees the fewest dropped calls. The worst spots include the Cross Bronx Expressway, along the river on the West Side Highway, Long Island City and Sunnyside in Queens, as well as part of the Upper East Side between 87th and 94th streets…

[Brick Underground] Hold that hotdog! 4 ways to rat-proof your patio before the other guests arrive A friend of ours lucky enough to live in a Chelsea apartment with a rear patio noticed she had company this spring: A gypsy contingent of rats was using her rear wall as a superhighway to the restaurant next door, occasionally detouring to her place for a refueling stop… This topic was timely given the weekend’s NYT/Real estate article on outdoor space.

[Credit Slips] How to Find the Owner of Your Mortgage Concerns continue about parties filing foreclosures when they do not own the note. Florida recently enacted a rules requiring plaintiffs in foreclosure to verify ownership of the note…


If you missed this past Saturday’s show or any prior show, you can listen to the podcast at any time or subscribe to it for free via iTunes to always get the latest show delivered automatically to your computer or handheld device. My Blogcast is usually in the first hour of the show.

Listen to the most recent Eye on Real Estate podcast.

Subscribe to the free weekly Eye on Real Estate podcast.

Become a fan on Facebook.

Or visit the Eye on Real Estate Website.


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[NAR] Existing Home Sales – 3 Month Decline, Supply Most in Nearly 2 Years

March 24, 2010 | 12:06 pm |


[click to open report]

NAR released their February Existing Home Sales report.

Its becoming apparent to even the most optimistic that job growth will be the yardstick that determines when housing will improve to a point where it is self-sustaining.

“It’s a fragile recovery” in housing, said Scott Brown, chief economist at Raymond James & Associates, in St. Petersburg, Florida. “We ultimately need to see job growth to get a sustainable rebound.”

Seasonally we expect inventory to rise in the spring, we also expect sales to rise.

Purchases dropped 0.6 percent to a 5.02 million annual rate, the lowest level in eight months, figures from the National Association of Realtors showed today in Washington. There were 3.59 million houses for sale, a 312,000 increase from January that marked the biggest gain since April 2008.

NAR’s chief economist is calling for a second surge or we are headed for problems.

Sales are up 7% compared with a year ago, the NAR’s data showed.

“We need to have a second surge,” said Lawrence Yun, chief economist for the real estate lobbying group. However, the jury’s still out, he said.

“Has everything in the gas tank been used up?” Yun asked. “Or is this just a pause before the next step up?”

It’s hard to imagine a “pause” in February. I was surprised a complaint about the weather wasn’t used.


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[RealtyTrac] 10% Drop In Foreclosures, Surge Expected Over Next Few Months

February 11, 2010 | 4:20 pm | |


[click to open]

RealtyTrac just released its monthly report covering January foreclosure activity.

  • 10% decrease in overall activity from the December surge
  • 15 percent above the level reported in January 2009

“January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January,” said James J. Saccacio, chief executive officer of RealtyTrac “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works.”

The Sand States remain true to form (Nevada, Arizona, California, Florida)

  • Nevada’s foreclosure rate remained highest among the states for the 37th straight month. One in every 95 Nevada housing units received a foreclosure filing during the month — more than four times the national average.

    • Arizona’s foreclosure rate to second highest among the states in January. One in every 129 Arizona housing units received a foreclosure filing during the month.
    • Foreclosure activity decreased by double-digit percentages from the previous month in both California and Florida, and the two states registered nearly identical foreclosure rates — one in every 187 housing units receiving a foreclosure filing.
  • Six states account for nearly 60 percent of national total

  • Phoenix only top 10 metro area to post monthly foreclosure increase

In other words, the foreclosure rush in December to file by end of year, then subsequent lull in January do not suggest that the foreclosure problem is improving if seasonality has anything to say about it.

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[RealtyTrac] Pushing 4M in 2009, November Foreclosure Filings Remain High, Pace Eases

December 10, 2009 | 2:45 pm | |


[click to expand]

RealtyTrac has released their monthly US Foreclosure Market Report today and its a mixed bag of results. In other words, its like unemployment. Its at a high level but the pace of increase seems to be abating. In other words, with 3.9 million notices sent to homeowners in default, it is going to take a while for this inventory to clear out.

Here are the foreclosure metrics by state.

And a news recap:

foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — were reported on 306,627 U.S. properties during the month, a decrease of nearly 8 percent from the previous month but still up 18 percent from November 2008. The report also shows one in every 417 U.S. housing units received a foreclosure filing in November.

Phyllis Furman over at The Daily News does a nice NYC-centric analysis of the results.

While foreclosure activity is rising, the percentage of homes at risk here – one in every 1,706 – is small relative to the rest of the country. In November, 306,627 U.S. homes – one in every 417 – received a foreclosure filing. That was up 18.4% from last year, but down 7.7% from October.

And Dan Levy at Bloomberg does a nice US foreclosure recap

Dec. 10 (Bloomberg) — Foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, RealtyTrac Inc. said.

This year’s filings will surpass 2008’s total of 3.2 million as record unemployment and price erosion batter the housing market, the Irvine, California-based company said.

“We are a long way from a recovery,” John Quigley, economics professor at the University of California, Berkeley, said in an interview. “You can’t start to see improvement in the housing market until after unemployment peaks.”:

Statistical nirvana by default (sorry for the pun)

  • One in every 417 U.S. housing units received a foreclosure filing in November
  • Default notices nationwide were down 8 percent from the previous month but still up 22 percent from November 2008
  • Nevada, Florida, California post top state foreclosure rates
  • Nevada foreclosure activity – one in every 119 housing units receiving a foreclosure filing in November — 3.5 times the national average.
  • Four states account for more than 50 percent of national total: For the second month in a row, the same four states accounted for 52 percent of the nation’s total foreclosure activity: California, Florida, Illinois and Michigan
  • Las Vegas drops out of top spot among 10 highest metro foreclosure rates. After four straight months with the nation’s top foreclosure rate among metropolitan areas with a population of at least 200,000, Las Vegas dropped to No. 5 thanks to a 33 percent decrease in foreclosure activity from the previous month. One in every 102 Las Vegas housing units received a foreclosure filing in November — still more than four times the national average.



[REALTOR Mag] The Trouble With the HVCC

August 24, 2009 | 11:53 pm |

I often disagree with NAR and have frequently pointed out their missed opportunity to earn the public trust despite their interests as a trade organization, but hey – they are coming from a different vantage point. However this time I agree with their view on the Home Valuation Code of Conduct (the position itself rather than how they get to it.)

There’s a good article on HVCC which tells the story from the appraiser’s perspective called: “The Trouble With the HVCC: How new rules meant to ensure the integrity of the appraisal process have infuriated appraisers and stymied sales from coast to coast.

I am quoted in the opening of the piece.

“You can’t make this up,” New York appraiser Jonathan Miller riffed in his entertaining blog, Matrix, back in June.

Miller was recounting the frustration of a real estate salesperson who was trying to refinance her own New York apartment with her current lender. According to Miller’s telling, the out-of-town appraiser walked into the apartment, threw his hands in the air, and asked “How am I supposed to appraise this thing?”

My always insightful appraisal colleague Francois (Frank) K. Gregoire, IFA, RAA, with Gregoire & Gregoire Inc., of St. Petersburg, Florida has one of the best quotes in the piece:

The HVCC sets up AMCs as the guardians of appraiser independence, and isn’t it ironic that the investigation that prompted the rules centered on an AMC allegedly manipulating the system to please its customer?

He is referring to New York State Attorney General Cuomo’s lawsuit against eAppraisIT and it’s relationship with WaMu.


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[Interview] Stuart Elliott, Editor-In-Chief, The Real Deal Magazine

August 20, 2009 | 3:20 am | | Podcasts |

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