Wednesday, December 21, 2011

Foreclosure and Short Sales Price Differential: Homes For Sale: Homes For Rent

Foreclosures and short sales combined for almost half of all US homes sales in November 2011, according to a survey by Campbell/Inside Mortgage Finance company. The number was 46% to be exact.

We have posted data on sales discounts for distressed properties: here is some of the latest data.


The average short sale sold for about 19.3% less than those sold by conventional home sales in the US. For more informaiton about short-sales, please see prior entries.

The average forclosed home that was deemed to be "move-in" condition was 26.6% below a conventional home sale in the US.

The average price for a damaged foreclosed home was 62% less than the conventional home sale in the US.

There is plenty of distressed property in the current inventory. I would not be surprised if 2012 was another year of large amounts of distressed property sales.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Saturday, December 10, 2011

Home Vacancy And Home Ownership Rates: Homes For Sale: Homes For Rent

The US Census Bureau put out some interesting housing data recently. I will comment on two areas: home vacancy rates and home ownership.

Vacancy Rates

The number of vacant homes increased 44% during the decade of the 2000s. Home vacancies were about 15 million in 2010, up from around 10.4 million in 2000.

The 15 million vacant homes represents about 11.4% of all the housing units in the country. These units represent almost the total amount of new homes built during the decade; the US increased the number of housing units by 16 million in the 10-year period, according to the US Cencus Bureau.

During the past decade, Florida's home vacancies increased 62%, Arizona 61%, Georgia 63% and Nevada 120%. As a percentage of total homes in the market, the top three states were: Florida had about 17.5% vacant, Vermont was at about 21% and Maine was highest at about 23%.

Home Ownership Rates

Home ownership saw the biggest drop since the Great Depression in the US. Home ownership was 65.1% in April 2010, which was about 1.1% below the rate in the year 2000. The biggest decade drop was 4.2% in the 1930s.

The real story is home ownership dropped almost as low as the great depression at about 4%. The percentage decline was about a 4% drop in the six year period from 2004 to 2010; this compares to the 1.1% drop for the decade 2000-2010 (as referenced above). Home ownership was almost 70% in 2004, according to the US Census Bureau, and fell quickly in the last 6 years of the decade ending 2010.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Thursday, December 8, 2011

Case-Shiller Index: September 2011: Slight Downward Trend Continues: Homes For Sale: Homes For Rent

The September 2011 Case-Shiller Index on housing showed a similar trend of slight price reductions. The nation experienced a home price decline of about 3.5% year-over-year in September and about 0.5% sequentially.

The South Florida market saw a 4.0% year-over-year decrease in September 2011 and a 0.7% drop on a sequential basis.

Most tend to agree an improved job market is needed in order to get some positive movement on home prices in the US.

Washington, DC area continues to outperform the rest of the country. The federal government is one area where spending has continued and that is where home prices are on the rise. I think this is more than just a coincidence. The rest of the country needs to experience private sector job growth in order to get things moving again, in my view.

Other areas of interest:

September 2011 September/August August/July
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)


Boston 154.39 -0.8% -0.1% -1.2%

Chicago 118.49 -0.8% 1.4% -5.0%

Miami 139.83 -0.7% -0.3% -4.0%

Minneapolis 114.65 -0.9% 0.3% -7.4%

New York 169.92 0.1% 0.5% -2.6%

Tampa 127.37 -1.5% 0.0% -6.7%

Composite-10 155.73 -0.4% 0.2% -3.3%

Composite-20 141.97 -0.6% 0.1% -3.6%

As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Delray Beach, Florida: Country Club: Addison Reserve: Homes For Sale: Homes For Rent

The Addison Reserve Country Club in Delray Beach, Florida recently renovated its club to the tune of $18 million.

In order to fund the $18 million upgrade, club members paid $18,000 each. The clubhouse is now 70,000 square feet as members added 20,000 square feet to the existing clubhouse of 50,000 square feet.

Among the changes is new restaurants, a tapas bar, lounges, a wine room and upgraded HDTVs (10 in total). The five restaurants are based on themes that include a seafood and steakhouse, a bar / lounge, an Italian restaurant. The club also welcomes chefs Daniel Boulud and Zach Bell, which helps to upgrade the stature of the restaurants.

Addison Reserve is a luxury community with 718 homes, which range in price from $400,000 to $3 million. The membership dues are $115,000 for golf members to join and $85,000 for sports members to sign up. The annual dues are $20,000 for golf and $15,000 for sports.

For more information on Addison Reserve you can go to their Web-site or contact me directly. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Friday, November 25, 2011

Reduction In South Florida Housing Inventory: Homes For Sale: Homes For Rent

The South Florida real estate market is still a "buyer's market;" however, there is more competition for the homes on the market.

CondoVultures, a consulting firm, reports the South Florida housing inventory is down 58% from Thanksgiving weekend in 2008.

Broward County has seen its inventory reduced by 64% and Miami-Dade is down 63%. Better news for those seeking homes in Palm Beach County, which saw only a 45% decline in housing inventory since 2008.

A reduced pace of foreclosures and an influx of foreign buyers are largely credited with the reduction in for-sale inventory of homes.

I am noticing this trend in the markets recently as I have been working with clients in: Boynton Beach, Boca Raton and Delray Beach. The circle of homes that I deem to be "gems" has slimmed down and my clients are focused on those that remain. I am advising clients to move quickly if they see something they want to own.

As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Tuesday, November 22, 2011

South Florida Home Sales For October 2011: Homes For Sale: Homes For Rent

The volume of home sales has been picking up in South Florida during 2011. One reason believed to be helping the market is the foreign investors have found the market attractive. These buyers tend to have a longer-term outlook and think the inventory in the region is affordable.

Palm Beach County saw sales of existing homes increase 27% in October 2011 over October 2010. The increase was 16% for Broward County during the same timeframe.

However, the increase in sales came at a lower median price. Palm Beach County's median sales price in October 2010 was 16% off of October 2011. The median sales price declined 7% in Broward County on a year-over-year basis during October 2011.

As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Sunday, November 13, 2011

Case-Shiller Index August 2011: More Of The Same: Homes For Sale: Homes For Rent

The US housing market as measured by the Case-Shiller Index shows relatively steady prices on a sequential basis and slight year-over-year declines in August 2011. There was a 0.2% increase in the major Case-Shiller composites in August 2011 over July 2011. On a year-over-year basis, the major composites showed about a 3.5% decline in August 2011.

The average home price in the US were back to the levels in mid-2003. The average US home, when measured from their peak in June/July 2006, are down about 31.0%.

The South Florida market was down about 0.3% on a sequential basis in August 2011 and down about 4.6% on a year-over-year basis.

Some other markets of interest were as follows:

August 2011 August/July July/June
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)

Boston 155.59 -0.1% 0.8% -1.7%

Chicago 119.40 1.4% 1.9% -5.8%

Miami 140.75 -0.3% 1.2% -4.6%

Minneapolis 115.62 0.4% 2.7% -8.5%

New York 169.19 0.4% 1.2% -3.4%

Tampa 129.51 -0.1% 0.8% -5.8%

Composite-10 156.36 0.2% 0.8% -3.5%

Composite-20 142.84 0.2% 0.9% -3.8%

As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty