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/