Real Estate: Selling a Home in South Florida

You have done a Real Estate investment by buying a house in South Florida and now you are determined to sell the property. But you are afraid of not selling it quickly. There are five important issues to take into account at the time of selling a home in South Florida. Location, home condition, the price, marketing strategy and the market. If your house for sale is in a good location as well as is in good condition, there wouldn’t be a problem to market it faster. Your Real Estate Agent will work out the best marketing strategy to sell the property quickly. And, among all this, you and your Agent will be evaluating the price and the market. However, you are not done yet.Buying or selling Real Estate is a great investment whether you are determined to live in there, rent it or selling it later to make a new Real Estate transaction. But, there are some rules to obey and your Real Estate Agent is the right one to assist you about.There are some interesting home selling tips to follow up:

Selling Tips - Useful Tips for Selling your Home THE HOME SELLING PROCESS


BLUE ONE Realty wants you to succeed in the home selling process. We provide here ten selling steps for you to look forward to buyers requirements. You need to be prepared. How? Plan your home selling process in advance.

WHY WOULD I WANT TO SELL MY HOME!
Whatever the answers are, you must contact a Real Estate Agent for assistance.

CHOOSING THE SELLING PRICE FOR YOUR HOME
Your Real Estate Agent at BLUE ONE Realty will give you the best selling price for your home.

GETTING YOUR HOME READY TO SELL
First impressions are very important factors into the selling process.

ESTABLISHING A MARKETING PLAN
Now, it’s true that your home is ready for sale! Your Real Estate Agent will be establishing a marketing plan together with you.

RECEIVING THE OFFER
Your Real Estate Agent must review all written documents and making sure to contain topics such as legal description of the property, offering price, down payment, financing arrangements...

NEGOTIATING THE OFFER
You and your Real Estate Agent must review the written offer and fully understand what the buyer is offering and what he asks in return.

THE VENDOR YOU NEED
Your Real Estate Agent will make sure that all procedures pertaining to the home inspection go smoothly.

PRE-CLOSING
Your Real Estate Agent will be in touch with the closing entity to make sure that all necessary documents will be available for you on time to sign.

CLOSING ON THE HOME
Your Real Estate Agent will be present during the closing to assist you during the process.

POST-CLOSING ACTIVITY
Congratulations! You have sold your home! However, there are just a few things pending before getting everything done.

Source : http://www.blueonerealty.com/

More condo owners in South Florida fail to pay share of fees

It's the neighbors who must make up the money when condo owners don't pay their share of maintenance fees and special assessments.

And while failing to pay isn't a new problem, it seems to be happening more frequently now, callers tell the South Florida Sun-Sentinel's condo line.

Many of the delinquents are investors walking away from property, or owners who can't afford adjustable-rate mortgage payments that have ballooned.

At the Deerfield Lake condo in Deerfield Beach, 18 of the 75 owners have stopped paying since earlier this year. They are angry over a $1,400 special assessment imposed by the board to renovate roofs on the covered parking areas. They have refused to pay that as well.

"Since 1976 the roofs hadn't been repaired and they were dangerous," said Ed Stahl, an owner who has paid. "The board decided to repair them because all of us could have been liable if something happened."

When the association began filing liens against the 18, they filed their own suit, claiming the board illegally imposed the special assessment. They said the board gave improper notice to owners, did not let them speak at the meeting where the assessment was decided and questioned the choice of contractor.

The attorney for the 18 did not respond to three messages left on her voice mail. Attempts to reach several of the owners were unsuccessful.

The condo board denied their allegations and accused the 18 of failing to submit to mandatory arbitration as required by law. It also filed a countersuit against the owners to foreclose liens filed for not paying their assessments.

"It put us in a terrible situation," said Stahl, who is not a board member. "We didn't want to bring a lawyer in to sue these people but that's what we had to do. But it's taking a long time."

That's where the problem is. While the suits are mired in legal intricacies, the board has no money coming in from 18 units. Since the board had already contracted for the roof work, it had to pay or face suit.

So the board took out a $20,000 private line of credit, according to the community association manager, J.D. Keating.

The cases are pending in Broward Circuit Court.

What happens to the condo in the meantime is what concerns Stahl.

"We cannot maintain our common property unless the regular maintenance fees are paid by all," he said. "We're stuck. It isn't fair to people who live here and pay."

Gregory Ward, a Fort Lauderdale attorney who isn't connected to the case, is seeing similar problems throughout South Florida as a result of associations having to file liens and foreclosures against so many owners.

"Anecdotally, we've been hearing of a lack of timely repairs and problems with the day-to-day operations, such as garbage removal, because boards are now so preoccupied with collecting that they can't administer the property," he said.

It is one reason, he suspects, for the increased number of complaints filed with the state against condo boards, which increased from 1,413 in the year ending June 30, 2002, to 2,682 in the year that ended June 30.

"They're busy doing what they can to keep the association going and the cash flow coming in and they can't do it all," he said. "Boards are strained."

Source : http://www.ccfj.net/

Estate planning might move Huizenga to sell Dolphins

While Miami Dolphins owner H. Wayne Huizenga is certainly disappointed with his team's 1-13 season, his interest in possibly selling the team and Dolphin Stadium has less to do with losses and more to do with estate planning and the type of offers he might receive.

Huizenga has been entertaining offers for the team from potential suitors for years, including recent talks with a pair of real estate developers, Stephen M. Ross and Jorge M. Perez. He turns 70 on Dec. 29 and has been planning for the future, divesting himself of public companies such as Boca Resorts, which he sold in 2004, and stepping down from the boards of AutoNation and Republic Services.

He is also concerned about the succession plan for the Dolphins, because his children are not interested in carrying on ownership of the team, sources said.

It was, after all, Huizenga who benefited from an estate situation when the Robbie family said it was forced to sell at least part of the Dolphins to pay off the late Joe Robbie's estate taxes. In 1990, Huizenga bought 15 percent of the team and 50 percent of the stadium for $30 million. In 1994, he completed purchases of the team and stadium for $138 million.

Huizenga wasn't talking about a possible sale Sunday, when his Dolphins beat Baltimore in overtime for their first win of the season.

"It you want to talk, I'll talk, but not about that," Huizenga said.

The team released a statement from Huizenga on Saturday saying he wasn't "actively looking to sell" the team. In 2000, he announced he would consider selling a minority stake for estate planning purposes.

A source said he believed Huizenga wouldn't accept less than $1 billion. In September, Forbes valued the team at $942 million.

The recent talks involve Ross, chairman and CEO of the Related Companies in New York, who would lead a bid that could include Perez, founder and chairman of Miami-based Related Group. But Huizenga is said to be so upset Perez leaked information about a possible deal that it could strain talks.

Hall of Fame linebacker Nick Buoniconti, who knows both Ross and Perez, said they would make good owners.

"They are both quality people, and if there is an ownership change, they are going to do what they have to do to make this team a winner," said Buoniconti, who plays golf with Ross, who has two homes in Palm Beach. "(They) would be like Wayne. I think Jorge has a burning desire to probably get more involved, Steve would probably not get as involved as Jorge. Jorge being a local guy, someone who has been successful...I'm sure he's going to want to put people in the position that they will make the right decisions to bring this franchise back."

Hall of Fame fullback Larry Csonka said he would have been happy to play for Huizenga.

"He's very direct, that's why he's been so successful in business," Csonka said. He's not a guy that changes. He is what he is."

Source : http://www.tradingmarkets.com/

Owners Take Law into Their Hands Against Association Boards in South Florida

Lisa Magill, an attorney who represents condo and homeowner associations, had evidence three years ago that directors in a Pompano Beach-area condo stole $178,000. She reported it to police but "I couldn't get past step one," she said.

It's a civil matter, they told her.

Attitudes are changing. In Broward County alone, three court cases against former association directors, managers and employees charging fraud or misuse of owners' money are scheduled to be heard between Dec. 20 and Jan. 24.

"Now, there seemingly is a willingness on the part of law enforcement agencies and prosecutors to recognize that these cases aren't dogs, that they are real crimes like anything else," said Magill, president of the Southeast Florida chapter of the Community Associations Institute.

Her nonprofit group will conduct a free, all-day event Jan. 26 that will include an hour-long class on how to detect and prevent community association fraud. Owners can attend the one-hour class at 1:30 p.m. or the whole program at the Wynmoor Community Council in the 1300 block of the Avenue of the Stars, Coconut Creek. For more information and directions, see www.cai-seflorida.org.

State condo ombudsman Danille R. Carroll will be the keynote speaker. Her topic will be the Miami-Dade County pilot program she developed with state Rep. Julio Robaina, R-Miami, to get cases prosecuted. The program includes a brochure and checklist to help owners. See them under the heading "Pilot Program" in www.sun-sentinel.com/condos.

Magill credits Robaina for the change in attitude by law enforcement. Charges in the three pending Broward cases were filed by Broward State Attorney Mike Satz based on investigations by the Hallandale Beach, Hollywood and Davie police departments. Robaina is working to get officials in Palm Beach County involved.

CAI, a national organization based in Alexandria, Va., made up of lawyers, managers, accountants and other professionals who run condo and homeowner associations, isn't alone in trying to help owners and boards. Some associations are doing it on their own. For example, at Townhouses at Jacaranda in Plantation, the board set up a security and ethics program to prevent even the perception of dishonesty, said owner Bryan Sklar.

Sklar suggests boards require two signatures on all checks, use different accounting and auditing companies, disallow credit or ATM cards on any accounts, use a defined sealed-bid process for purchasing, publish for owners the policies and procedures used to protect their money and treat the association as a business.

Q&A Q. Denise Weinstein had her Coral Springs house and garage door painted mocha with white trim. No, said her homeowner association. The garage door can't be the same color as the house and must be white, like the trim.

The board ordered Weinstein to repaint the garage door white or her clicker for the gate would be disabled and she wouldn't be allowed to continue teaching Pilates to friends in the clubhouse.

Weinstein said her association documents don't require garage doors to be the trim color, which means the board is enforcing a nonexisting rule. Since she isn't violating the bylaws, does the board have the right to punish her, she asks.

A. Jeff Rembaum, a West Palm Beach attorney who deals with condo and homeowner issues, said Weinstein's board is powerless to require the change if it hasn't adopted architectural guidelines. If it has, then the board can require the change. He also said all owners must be told about any new standards.

The threat to disable her clicker is meaningless, Rembaum said. The board can't impede an owner's right to enter or exit the community.

If the association has adopted architectural guidelines and owners don't comply, the board might have the power to keep her out of the clubhouse. But no fine or suspension of privileges can be imposed without the association meeting a host of requirements spelled out in the law, such as providing the alleged offender with a hearing in front of three owners who aren't directors.

Source : http://www.multifamilyexecutive.com/

He vs. She on Florida's Beach

Like any other couple who've been together 18 years, my wife and I still experience the occasional squabble.

Here's what we've agreed on. The kids will visit other family. We'll have a weekend to ourselves. And we'll use that time to enjoy a few of the finer things. No birthday parties or playdates. No soccer practice or swim class.

Nothing to it, right? Well, here's what we disagree on. We've each got our own favorite spots for pampering. Mary's idea of "The Good Life" doesn't always equal mine. Luckily, along Florida's Beach this is an "argument" with no wrong answers.

Here, then, is a luxurious battle of the sexes. A decadent duel, designed to wring every last blissful moment out of a precious, kid-free opportunity.

We might injure ourselves attempting to out-enjoy each other, but oh, what a chore it'll be trying.

Round One
The stay-over part of the discussion breaks down nice and easy. We'll stay at my choice for one night, then Mary's the next. With the Renaissance Vinoy Resort & Golf Club in downtown St. Petersburg and the Don CeSar Beach Resort on St. Pete Beach, it's like arguing about who's got a better serial number on their $100 bill. Both are equally excellent.

They've each got their own feel. The Vinoy: stately and classic, with its 1920s-era Mediterranean Revival architecture. It fronts lush open parks and the waters of Tampa Bay. And The Don – the pink palace – another restored gem. With its airy, beach elegance that opens onto the sands of the Gulf of Mexico.

In addition to spacious, modern rooms with spectacular views, both spots afford us prime chances for a favored ritual – the post-check-in cocktail. At the Vinoy, it's a 12-year-old Macallen for me and a cabernet for Mary from Marchand's, a posh dining spot on property. We follow our drinks with a
sit-down on the rockers on the veranda.

Over at the beach, the Don CeSar's Lobby Bar provides a bright, wide-open panorama in a sort of "grand hall." And it's just a step outside to take in a Gulf Coast sunset.

Round Two
With a place to stay now settled, attention turns to the issue of where to go. In a nod to each other's tastes, we'll play golf and visit a museum.

As three-time major tournament winner Ernie Els knows, the Innisbrook Resort & Golf Club provides the Florida's Beach area with a superior layout. "The Copperhead course is the best golf course the PGA plays in Florida," Els has said. An impressive referral, considering the competition of Arnold Palmer's Bay Hill in Orlando, the Doral in Miami and the TPC course in Ponte Vedra Beach.

But Innisbrook is outdoor luxury at its finest. Designed by Lawrence Packard and honored by Golf Digest (ranked in America's Top Resort Courses), it presents challenge and beauty. Elevation changes, tall pine-lined fairways and service that matches the course level,
with clubs loaded onto your cart for you and impeccable shops and facilities. Not quite pros, Mary and I still feel lavished with attention.

Back near the Vinoy, St. Petersburg's Museum of Fine Arts is more a reflection of Mary's sensibilities. Remarkably varied, it touches all the bases with classic oils, ancient pottery and carvings, and stark photography. Modern and ancient rotating exhibits complete the spectrum of offerings, with the current From The Fire display of Korean ceramics turning her head with its vast colors and comprehensive designs.

But Mary's must-visit spot is a "secret" garden, just off the Marly Room that's used for special events. For her, the foliage and sculptures that dot the courtyard area represent total peace.

Round Three
The argument about dinner plans isn't an argument at all. The question just depends on mood.

For traditional fare, prepared and presented at the highest level, Salt Rock Grill in Indian Shores is a treat to revisit. Like plenty of guys, I pat myself on the back a bit for my prowess around the backyard grill. But the steak here reduces me to the rank of amateur – a delicious humiliation I'm only too willing to swallow. Mary generally gravitates to seafood, a choice which, considering the chef and the Grill's proximity to water, is too tempting to ignore.

The other avenue is international. At Tío Pepe in Clearwater, the fawning service (they pledge to "treat you like royalty") and Paella Valenciana prove that Mary and I have no difference of opinion at all. Over the traditional Spanish masterpiece, we gently toast with wine glasses, avoid talking about kids and marvel at the constructive nature of a good, healthy debate.

Source : http://www.visitflorida.com/

Guide to Florida vacation rentals

Florida has been a top destination for decades, thanks to great winter weather, Disney World, and hundreds of miles of spectacular beaches. Florida vacation rental homes are preferred by families and couples looking to get the most out of their trip, and enjoy a level of comfort not found in hotels and motels.

In central Florida, Orlando Vacation Rentals are preferred by families who make a trip to Disney World a central theme of their travel experience. The city of Kissimmee is located only 12 miles from the Disney theme parks, and features numerous choices for renters including condos, villas, and rental homes in close proximity to Orlando attractions.

On the Panhandle, the towns of Destin, Pensacola, and Panama City are favored for their sparkling beaches, great golf, and sport-rated deep sea fishing. Beach villas, townhouses, and condos are popular among beachcombers and vacationers.

The West Coast, including Naples, Fort Myers, Tampa, and Sarasota, is known for its golf courses, uncrowded beaches, and wildlife. Marco Island vacation rentals are located near undeveloped islands that are home to manatees, shorebirds, and Florida wildlife. Birdwatchers, tennis players, and golfers enjoy the amenities provided by vacation condos and homes situated on private beaches.

Southeast Florida is home to world famous beaches in Miami, Ft. Lauderdale, and Palm Beach. Ft. Lauderdale vacation rental condos and homes are prized by couples on honeymoons and anniversary vacations because of the nearby cruise line terminal. Miami villa rentals can be found in close proximity to beaches and Miami’s famous nightlife offerings.

Northeast Florida features Daytona, Amelia Island, and Jacksonville. Daytona Beach vacation rentals are found along the beach and include luxury resort condos at affordable prices. Every year NASCAR fans from around the world come to Daytona to see one of the top races on the circuit, and condo rentals are an integral part of the trip. The Amelia Island Plantation features beach homes with all the comforts of home. Vacation renters in the Jacksonville area enjoy the laid back feel of North Florida.

The Florida Keys are often referred to as “America’s Caribbean.” From Key Largo in the Upper Keys to Key West in the Lower Keys, vacation rentals in this popular destination are favored among winter visitors to Florida. Marathon, the “heart of the Florida Keys,” is at the midpoint of the Keys island chain and offers numerous opportunities for diving, snorkeling, fishing, and sailing.

Source : http://weneedavacation.com/

The $400K Price Point for 2 Bedroom Condos Has Been Breached

Only 12 months ago, finding a 2 bedroom in a desirable condo development throughout Brickell and Brickell Key for less than $500,000 seemed like quite a bargain. How times have changed! Nowadays, the new figure seems to be $400,000.

Neo Vertika currently has 11 two bedroom condos that are priced for under $400,000, Isola has 2, Courvoisier Courts has 3, One Miami has 7, Solaris at Brickell has 1, The Club at Brickell Bay (surprisingly only) has 2, The Mark on Brickell has 3 and Vue at Brickell has 11 (with 2 of the 11 two bedroom condos priced for under $300,000).

With the additional inventory, from the soon-to-be completed condo developments, I think the $400,000 price point for 2 bedroom condos in desirable condo buildings throughout Brickell and Brickell Key will become more commonplace in 2008.

Of course, the size and square footage of the condos needs to be taken into consideration. Most of these new condo developments are delivering 2 bedrooms that have 1,145-1,300 square feet. Anything larger will, of course, fetch higher prices. It should go without saying that 2 bedroom units at ultra-luxury condo buildings such as Jade, Four Seasons and Santa Maria are exempt from this discussion.

I’m actually looking forward to the opening of Plaza on Brickell in January. In my opinion, it offers the best value in Brickell. I think within 3-4 months after it opens we’ll see aggressively priced 2 bedroom condos throughout Brickell approach the $350,000 mark.

I was at the Plaza on Brickell sales office last week with out-of-the-country clients and we were both shocked by the prices that were offered. The prices had come down considerably since September, when they last visited the sales center with me. One bedroom units now start at around $210,000 and two bedroom condos start at around $340,000. Investors have become more motivated to sell as their closing date approaches.

A few days after I visited the sales center with my clients they told me that “at these prices we would regret not making an offer”. They are looking to hold for about 10 years. Where else in Brickell can you get such prices, much less in a brand new development? I think Plaza on Brickell will act as the buoy for the Brickell condo market.

This is why many investment groups have their eyes set on Plaza on Brickell. They all want to buy units in bulk at a deep discount to get positive cash flow. However, I don’t think that this will happen at this development. I think prices offered, at the present time, are appealing enough to end-users. They, too, have their eyes on the Miami condo market because it is in their own backyard.

I know from reading your comments lately that you all are very opinionated. So I ask you, where do you think 2 bedroom units will ultimately be priced? More specifically, where do you think the top 10% best priced two bedroom condos in the well known Brickell developments will be priced by the end of 2008?

Southwest Florida Real Estate

Welcome to Southwest Florida – home to what is best about Florida's Gulf Coast region! Just imagine sun drenched white sand beaches, crystal blue warm waters and soft tropical breezes. That's what awaits you here in Southwest Florida. And, we believe you'll find this beautiful area and its lifestyle choices a wonderful place to live, just like we do.

In this section you'll find the knowledge and resources necessary for exploring the Southwest Florida real estate markets. The best place to start is by learning about the cities in our area and what they offer. Begin your investigation with the southern cities of Bonita Springs, Cape Coral, Ft. Myers, and Naples and then move north to Port Charlotte, Punta Gorda, Sarasota and St. Petersburg. Each city has its own natural beauty and ambiance that is so unique to Florida, yet also offers their own special lifestyle that makes them such a desirable place to call home.

Southwest Florida Coasts

Southwest Florida Real Estate for Sale in Bonita Springs, Cape Coral, Ft. Myers, Naples and the Islands of Captiva and Sanibel

Because there are so many beautiful "coasts" in Southwest Florida; we've managed to name them all! Each region offers its own weather, lifestyle, attractions and ambience – some are employment centers, others are still developing, and yet all include SW Florida's beautiful natural surroundings and waterways that attract all our new residents here in the first place.

The undisputed award winner is Southwest Florida's Lee Island Coast which includes Bonita Springs, Cape Coral, Estero, Ft. Myers, Ft. Myers Beach, Sanibel, Captiva and Pine Islands. Its recognition as the leading coastal area in SW Florida comes from an incomparable dedication to protecting the natural surroundings that make it a dream destination.

Immediately south of the Lee Island Coast is Naples and Marco Island – our Paradise Coast. Naples has long been established as the "Crown Jewel" of SW Florida with its 5th Avenue shopping, artists, world class resorts, mansions, and famous residents.

Southwest Florida Real Estate for Sale in Port Charlotte, Punta Gorda, Sarasota and St. Petersburg

Traveling north from the Lee Island Coast is Port Charlotte, Punta Gorda and the Cape Haze Peninsula which includes Boca Grande, Englewood and Gasparilla Island – this Central Coastal area is being rapidly developed as it is where you can still find affordable Gulf access properties available. Then, just a bit further north, are the Cultural & Sun Coasts which include the larger cities of Bradenton, Sarasota and St. Petersburg. All are employment centers and offer the amenities of a big city located on the water.



Source : http://www.findsouthwestfloridahomes.com/

Miami Beach Real Estate: South Beach Luxury Condo Outlook 2008

This month I have started to feel that Miami Beach condo sellers are coming to terms with the reality of the “new” market. The impending wave of new condos “across the bridge” will no doubt bring down the market as a whole. Don’t worry, the best properties in the best locations are the LAST to go down and the FIRST to come up!

Three new luxury buildings will be added to the Miami Beach real estate mix: Continuum II, Apogee South Beach and Canyon Ranch Living Miami Beach. It will be interesting to see how many speculators place their units on the market at Continuum II. Since Apogee South Beach has so few units (67), I think that any inventory that comes to market will be quickly absorbed.
So….You Want to Buy a Condo in South Beach?—What to Do

Always be guided by your gut instinct. Never let anyone talk you into something that you don’t feel is quite right. Even in this wobbly market, I would have NO problem buying a unit a Continuum, NONE! Here’s why: Location and supply and demand.

Kevin’s Recommendation
Continuum I. I believe it is actually a steal. Yup, UNDER-PRICED!

Apogee South Beach. This building is very pricey but will no doubt become the most prestigious condominium in ALL of South Florida. To be delivered later this year.

Canyon Ranch Living Miami Beach. One of the only projects along with Setai South Beach that is actually a destination.

One Bal Harbour. Arguably one of the two best locations in all of South Florida.

ICON South Beach. This one is all about timing. There is a lot of inventory on the market and not many condo sales. The owners that need to sell will be in reality VERY SOON.

Miami Beach Real Estate Condo Buying Tips:

* East and Southeast exposures are the most desired. If the condominium is on the bay, then the Southwest exposure would be the preferred exposure.
* Two bedroom units are better than three bedroom units (larger pool of buyers)
* If you can find a luxury condo on the ocean with one bedroom units with eastern exposure, those are rare. Continuum II has some and so does Canyon Ranch Living. They are gold. Developers typically give the larger units the preferred east exposure.
* Never buy a “flow-through” unit without seeing it or taking a tour of others. Some people like them—some people don’t.
* Corner “flow-through” units (three exposures) are rare. Apogee has them and so does Canyon Ranch Living. Great on paper, GREATER in reality.

Source : http://www.southbeachrealestateblog.com/

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Condo Vultures saw pricCondo Vultures saw price decline in database

Condo Vultures LLC said the average asking price for a residence in its database dropped slightly during October.

The average asking price for a home being tracked by Condo Vultures was down by 21 percent, or $185,510, through Oct. 31, the Vultures Database Report showed. In August and September, the average price drop was 20 percent.

"Buyers and sellers are equally confused," said Peter Zalewski, a principal with Condo Vultures, in a news release. "Buyers are witnessing big price drops, yet are uneasy purchasing in a market where the bottom is still unknown. At the same time, sellers want to unload their properties but at no more of a discount than absolutely necessary. Both buyers and sellers are searching for signs of the market's bottom."

The Bal Harbour-based consultancy said it uses the database to better identify areas and condominium towers where sellers are more likely to negotiate.

The database is made up of condominium units, townhomes and single-family homes that have been cut in price by a minimum of 10 percent or $100,000, or have been for sale for at least 100 days. The database tracks properties east of Interstate 95 and/or U.S. 1, from Pinecrest north to West Palm Beach.

Condo units in the database were down an average of 20 percent, or $145,184, and single-family homes and townhomes were off 22 percent, or $278,608, through Oct. 31. In September, condo asking prices were down 19 percent, and home prices were off 21 percent.

Condos account for 70 percent, or 3,112, of the entries. Single-family homes and townhomes make up 1,348, or 30 percent, of the total database.

The total price drop for all properties in the database is more than $931 million. Properties in the database have been on the market for an average of 457 days, up from 449 days through September.

Condo Vultures said the submarkets tracked by the Vultures Database have changed, resulting in a net gain of one additional area. It is now tracking West Palm Beach and Palm Beach. The unincorporated Miami-Dade County submarket has been eliminated from coverage.

"The changes were made to better focus our resources and research," Zalewski said. "The bulk of West Palm Beach's new condo towers are scheduled to become available in the first quarter of 2008. We are taking steps to assist buyers who are in that market looking for data and deals."

The combination of West Palm Beach and Palm Beach accounted for 56 new entries to the database. West Palm Beach has 44 properties that have fallen by 22 percent, or $106,334. Palm Beach has 12 properties that have fallen by an average of 26 percent, or $189,383.

Source : http://southflorida.bizjournals.com/