condo

I’m going to start including a monthly condo trends report. My hope is that it will help to shed more light on the current state of the market. It is likely to be my most followed monthly piece. After the new year it along with some other newly added statistics such as a rental market index will become “premium” content. Just wanted to give you all the heads up. I just finished compiling the numbers and I was pretty shocked. I basically wanted to find out how many months of inventory we have in Miami and Miami Beach. I created a report for Miami-Dade County one for Miami and one for Miami Beach. I broke each report down to various price ranges to figure out which category has been affected the most. I took closed sales for the month of October and compared it to the inventory that is now available. Below you will find the numbers for Miami-Dade County: Miami currently has a 48 1/2 month or approximately a 4 year supply of condos. That’s actually much lower than I expected. However keep in mind that there are thousands of condos that will come onto the market within the next 24 months. In fact in the neighborhoods of Brickell Key. Brickell. Downtown Miami. Park West and the Performing Arts District. Probably about 1,500 or so units have hit the market since I wrote that post. If you add 14,500 units to the Miami figures above then we’re looking at close to a 10 year supply. Now that’s quite shocking!!! I was actually surprised to see that Miami Beach has a higher condo supply than Miami. The number of new condos coming onto the market however in Miami Beach pales in comparison to the new condos scheduled to hit the market within the next two years. My guess is that about 1,500 units will hit the Miami Beach market in that time which would put it at around an 8 year supply. Still pretty shocking given that it’s Miami Beach! I was equally shocked by the low number of closings in the $500,000-$999,999 price range. That appears to be a problematic price range if you’re a condo owner looking to sell somewhere in that range. Despite a number of news stories that have hit the press lately it looks like the ultra-luxury ($2.5M+) market isn’t moving. It has very few available listings compared to the other categories but it had basically no closed sales in October. There were a total of two in all of Dade-County. Both were located in Bal Harbour. I receive a lot of monthly phone calls from investors who are waiting for the market to bottom-out. They all want to know when is the “right” time to buy into the South Florida condo market. I’m hoping that a report like the one above can help me pinpoint when that time might be. The combination of steep discounts to move inventory and a stream of new communities built at a lower cost will keep prices far below their peak levels in the boom towns. And they’ll keep falling until builders work off the massive inventories. The tumbling prices of new homes in turn will put enormous pressure on the far bigger existing-home market already under stress from two desperate groups of sellers investors and banks. Hence the adjustment needed to bring the ratio of prices to rents into alignment will happen far faster than in most housing downturns. “In the most vulnerable places in California and Florida it’s highly possible that most of the correction will happen by the end of 2008,” says (Mark) Zandi. (chief economist at Moody’s Economy com). The article was mainly discussing single-family homes but I think the same holds true for the condo market. The Miami condo market is likely to drop lower on a percentage-basis than other major U. S cities but I agree with Mark Zandi that the market here will be quicker to correct itself because of the high number of foreclosures and defaults that we are likely to see. 2008 will be a time of readjustment. I’m looking quite forward to it. When you say 2008 will be a time for adjustment do you mean that you’re expecting pricing to bottom out in 2008? It looks to me as if things will take quite a bit longer given the significant inventory and huge pipeline of condos to be delivered in the near term. Are you expecting the market to work through this crazy supply situation in the next 12 months? One other question: Assuming this is a slow sales year during season what are your expectations for late spring early summer? Sellers who are unable to unload units during the peak season will be in a position where they’re likely to be carrying the units through November/December of 2008. I would assume that’s the point at which we may see meaningful price cuts for listed units? Maybe a bit less denial among sellers? I think that there are a bunch of buyers out there for the condos except I think alot are just on the sidelines waiting for thier right price or just wanting to see the finished product instead of looking at renderings. Alot of towers that went up looked good in drawings and then were dissapointing. I mean I saw stuff that looked marvelous and then when I went inside I was so disapointed in some towers. So combine price and just finished product and we’ll prob have a spike in buyers. Dowtown and the rest of areas are becoming a nice area to live in and people do like that urban lifestyle so it will happen sooner or later. As the saying goes build and they will come. So will business as they start popping up with all the new residents moving in. Yes. I do think that it’ll bottom-out in 2008. I think in 2008 we’ll see some condos sell for very low prices because of the ever-growing number of foreclosures and the defaulted inventory that will be sold at a discount to bulk buyers. When bulk buyers step in to buy in 100-500 unit lots that will mark the bottom. It may take a long time for them to resell that inventory to end users but you can bet it won’t be for the same price that they purchased it. There will still be inventory problems in 2009 but I think the lowest prices will be seen in 2008. In this case supply (number of condos on the market) is way way higher than demand (as evidenced by the number of closed sales). The number of current and upcoming foreclosures tell us that many of the people that were buying condos during the boom couldn’t really afford them. With the death of the subprime market these types of buyers will be gone for many many years. The lenders and CDO investors have hopefully learned their lessons. Bottom line is. I don’t expect the level of sales to come back to the levels that they were during the boom for a long long time. So even if sales pick up it will take many years to work through this inventory especially given that the inventory is due to increase significantly with all the new buildings coming on the market. I don’t see how that is going to happen as soon as 2008 when as Lucas said we’ve got many many years worth of inventory to work through. Sales may pick up as prices fall but with the whopping supply we’re going to have prices can’t possibly bottom that quickly. I see prices bottoming in 3-5 years or so followed by a much more normal increase in prices after that (no more crazy double-digit increases like we saw during the boom). My grandmother bought a townhome in northern Palm Beach County in 1981 when the market was hot. Sold it 13 years later for the same price she bought it for. It’s not crazy to think that we won’t see 2005’s prices for another 10 years at least. After Japan’s bubble burst in the early 90’s real estate prices went down for 14 years. 14 years! So to think that prices will bottom out as soon as 2008 following the biggest housing bubble in history is VERY wishful thinking. BB,Exactly! Price is a function of supply and demand. At current prices the level of supply far outpaces the level of demand. There is a price however where the number of new condos will be purchased. The new price will produce a new equilibrium. If a bank gets back 200 condos in a development they are not going to let it sit on their books. They will shop it around until they find a bulk buyer who will purchase them all. This may be at 30. 40 or 50 cents on the dollar. Who knows what that price will be but my point is that there is a price where a new equilibrium will be achieved. This will happen with every development where a large percentage of units go back to the bank. In the stock market if a large fund needs to unload 2 million shares of particular stock they will shop it around until a price is agreed upon by a large buyer and the print will hit the tape. Some of the shares may be sold to resting bids in the book but the majority of the shares are sold at the agreed upon price which is usually well below the market price that was available prior to the transaction taking place. What happens afterwards is that people will bid up the stock to a point that is somewhere between the previous prevailing market price and the price where the large print occurred. The fundamentals of the company underlying the stock didn’t change. Stock ownership just changed hands but the news of the sale is reflected in the new price. In the analogy above the bank represents the fund looking to sell 2 million shares. The bids in the book represent individual buyers who will buy a small percentage of the defaulted condos at a discount from 2004 prices from the developer before he goes bankrupt and the bank gets back the remaining units. The buyer who purchases what remains of the million shares represents an investment fund that buys the bank-owned condos at an agreed upon price. The investment group is going to take into consideration holding costs until they sell the new condos. If they buy at 40 cents on the dollar they will sell to end-users for something like 65 cents on the dollar. The end-users are still getting a 35 percentage discount from 2004 price. These end-users represent the people who bid up the stock to a point somewhere between the previous market price and the price where the large print took place. I agree with RA that there are a lot of buyers on the sidelines right now. They are just waiting for that large print to take place. When I said that the market would bottom out in 2008 I was primarily referring to the new condos that will be coming onto the market within the next six months because these will represent the best deals. You may read news stories in the future saying that the market didn’t bottom out until 2009 or 2010 but this is because the bulk purchases won’t be reflected in the MLS. You are correct that the rest of the market will take much longer to readjust. The existing condo market doesn’t have the ability to sell in bulk because they are individually owned for the most part. It’s going to be a long road for that segment of the market to bottom out because existing condo owners aren’t going to sell for 50 cents on the dollar. That’s why I keep telling existing condo owners that if you NEED to sell then do it now. If they wait until 2008 then they will have lost their chance. I don’t think that this will be a particularly slow peak season. I think that there’s going to be a lot of buying during the Winter months for newly constructed condos. These buyers however will likely only make a small dent in the supply in the grand scheme of things. I have four out-of-state buyers flying in this upcoming week and another four the following week. Actually three of the eight buyers are located outside the United States. They likely won’t all buy something but I think a few of them will. I think the Summer months will belong to the investment groups. By then developers will have gone bankrupt and defaulted condos will have become bank-owned. The slow off-season months will entice banks to find a bulk buyer fast. I’m telling investment groups who contact me to check back with me in April for an update. I think a few opportunities will present themselves by then. I think the existing condo market will see some pretty significant price reductions in the Summer months as well. My call… 2002-2003 prices before this stuff moves. It’s all about going BELOW mean reversion now. Cycles tend to exceed one extreme only after going way past the other extreme and the upside was just exceeded by several standard deviations. How fast we get there… ??? (My bet surprisingly fast!)What would be interesting is a look at what those sqft numbers you post now for Brickell and SoBe would have been back then. Great info though. Miami Beach is getting stiff competition from South America and the Carribean and the European market is now realizing this. Its amazing what you can buy in these locations. For about $300,000 you can get a brand new condo directly on the beach in some islands ,with resort ameneties attached. For Miami Beach with its inflated prices and exhorbant taxes that would put you in some crappy building on west avenue where it smells like a New York City sewer every time it rains. Great index Lucas & well laid out. Miami Beach(especially South Beach) has long positioned above the downtown collapse fray but I think,given the fact that listings in many cases reflect05/06 levels still that the next 12 months willwitness a further compression of prices in SOBE/MB as well. Many realtors champion theweakening dollar & the overseas investor as alikely buffer to our domestic mortgage woesin Miami but I feel that may not be not so much faulty as on shaky ground. True the dollar &lower prices continue to make Miami attractiveto foreign investors except that I fear many ofthese potential buyers also see for the first time,the dollar stumbling as a global reserve currencyhaven. If the dollar is down say 10% this year whats to stop it being down another 10% in 08′or in the future. Suddenly as well as being longU. S real estate risk foreign investors are longU. S currency risk & one day they know theywill probably be selling those dollars so Miamimay need to be more compelling to them thancurrent prices & supply still suggest. Lucas you mention that you expect many bulk purchases from hedge funds and other investors. What do these investors plan to do with these condos? Re-sell them? If that’s the case then the “supply” that was taken off the market by the developer will soon be right back on the market. That doesn’t solve anything. Someone who buys a condo to simply “flip” it to someone else (which. I assume these bulk buyers would be planning to do) does not represent real demand. Real demand would be people who plan to buy a condo as a place to live. Or at least someone who plans on holding it long-term. So. I don’t see how bulk buyers are going to solve the over-supply problem if they’re simply going to dump their purchases back on the market. I think most people underestimate how long it takes for markets to work themselves out. A real estate property is not like a stock in that it can’t be sold instantly and has a carrying cost. So the real estate market due to it’s illiquid nature will move much slower than the stock market. The late-90’s dot-com stock bubble took 3 years to bottom out price-wise. Real estate will not bottom nearly as quickly. That’s why I feel that we’re at least another 3-5 years away (or more) from prices reaching bottom. And you can’t separate new condos from older ones. If older condo prices are falling new ones will keep falling too. They may be worth more because they are more desirable. But they will only be worth proportionately more than the older condos. Their prices will move in the same direction. And like you said bulk buyers can’t solve the suppy problem of non-developer owned units. And there are a lot of them. To get back to the main issue if we’re trying to determine when prices will bottom we should start by determining what a historically normal supply would be (months of supply). If the number of monthly sales all of a sudden returned to normal levels (pre-boom) how many months would it take to reduce the current (and soon to be on the market) inventory back to the historical levels? I doubt you’ll come up with a number anywhere close to 12 months. It’s probably many years. And that’s using a very optimistic scenario (sales coming back strong all of a sudden). I expect the monthly sales volume to bottom out soon but that doesn’t mean much. As long as the inventory is higher than what is historically normal prices will fall until the sales chip that inventory down. I think a much simpler indicator is this: can you rent a particular condo to cover ALL holding costs (taxes interest. HOA insurance etc)? If not the price will continue to fall. The rent a unit will fetch is the best indicator of a unit’s fundamental value. We’re still at almost 2x renting cost right now (to own). Prices would have to fall a lot really fast to get to that point. I just don’t see it happening so quickly. As a side note all the talk of “foreign buyers” saving the market is a bunch of nonsense. If anything with the dollar getting hammered (and poised to go lower as the Fed keeps devaluing the currency) investing in dollar-denominated assests (U. S condos) would be an even less attractive option at this time. There may be a lot of rich foreign investors–but they’re not dumb. Any foreigners that bought condos during the boom are doing even worse than their domestic counterparts–their “investment” is down another 20% or so on top of any depreciation (because of the dollar tanking against the Euro and other currencies). If there were a lot of foreign investors buying during the boom it was for the same reason as all the domestic investors buying: they were trying to make a quick buck. Now that real estate is one of the least attractive investments these foreign investors will look for better places for their money–just like the domestic ones did. Lucas: An excellent study! Congratulations. As you note the condo market prices will probably stabilize at the end of 2008 but it may take another 7-8 years before the slack in supply is taken up. Therefore price appreciation will not occur for many years after the bottoming of 2008. This by the way is perfectly normal. Most real estate cycles take 7-8 years. People forget that for most of the 90’s Miami homes did not appreciate more than 5-10%. The 2000-2005 boom was an aberration. The one element that may contribute to a somewhat faster recovery is the cheapness of the US Dollar but there is no way to factor that variable in the equation. “When I talk about the market bottoming. I’m talking about price. I wasn’t referring to supply.” I know you were referring to price. My point is: how is price supposed to stabilize with such a huge supply? Like I said price is decided by supply and demand. Prices will continue to fall as long as there is excess supply. Once we’ve got a normal level of supply prices will stabilize. I just don’t see that happening in 2008 or 2009. Especially if the supply is due to increase even more in that time frame. I worry about what the bulk buyers will do to some of the premium buildings. They are in to make a fast buck and they will by dint of the fact that a developer or bank in trouble will give them a discount to get the “assets” off their books in large numbers. However a hedge fund is not going to have an interest in maintaining or fitting out these units. They will flip for a % more. The buildings will deteriorate in the meantime and every other unit owner will suffer from this. But what does it matter what the bulk buyers pay? They’re going to try to re-sell them for whatever they can get on the open market. They’re motivated by profit like any other investor. Let’s say one of these bulk buyers puts their inventory back on the market. If comparable condos are selling for $400k in other buildings they may undercut them but they’re still going to want to get the most money they can for them. So the overall market will still dictate where prices are at any given time. If you can get a condo for a price that makes it cheaper to own than to rent it. I’d say go for it. Otherwise. I would wait. “If prices aren’t going to fall lower than what bulk buyers pay then I’m saying that will mark the bottom of the current cycle. My statement had nothing to do with supply but rather when prices will bottom.” If price is a function of supply (and demand) then how can a bottom be called without taking into account the market supply? As far as bulk buyers go yes–maybe they’ll get a price much lower than what an individual could get. But how does that benefit an individual who wants to buy a condo but doesn’t want to buy before the market hits bottom? The bulk buyers aren’t going to just pass all of their savings onto the next buyer. They’ll sell them for whatever the rest of the market is dictating at that time (although they’ll have room to undercut the market by a certain amount). Let’s say hypothetically that someone were to sell me their condo for $100k. But I go to resell it immediately and see that they’ve been selling for $350k. I might put it on the market for $300k but I’m not going to give it away just because I was lucky enough to buy the condo below market. Neither are these bulk buyers. Their prices will still be dictated by the overall market. Thus my point is that the market as a whole will still dictate where prices are and where they are going. The price a bulk buyer gets does not necessarily benefit an individual investor or end user wanting to buy a condo. Let’s say a major retailer buys an item in bulk (and thus gets a much lower price than if I bought it as an individual) and pays $5 per unit. What they end up selling it for has nothing to do with what they paid for it. They’ll still sell it for whatever consumers are willing to pay for it. If the product can be sold for $20 per unit that’s what they’ll sell it for. They’re not going to leave money on the table for no good reason. They may have more room to undercut their competitors (who may be selling the item for say. $22/unit). But if you’re already the cheapest there’s no reason to bid against yourself. In the case of Miami condos the bulk buyers will only need to undercut their competitors (the rest of the individual condos on the market). So since what a wholesaler pays for items I buy in the store doesn’t change the price I pay the price a bulk condo buyer won’t either. It will contribute to the market decline but it won’t mark the market bottom as far as individuals are concerned. Only real people will be buying these condo’s now and prices will fall like a rock for years until the banks who hold all these foreclosures cut their loses and realize their paper means nothing and that the true value of the unit is only worth what people are willing to pay. We have a condo auction in the Boston area scheduled for mid- December. These units will have minimum bids of 50% of last asking price. The developer will offer 15 units absolute and there will be unsold inventory remaining. We have not had the extent of mortgage fraud here so our prices have more accurately reflected the supply and demand curve. Another auction of new construction two weeks ago. The developer pulled 13 from the auction due to lack of demand. The 17 auctioned units went for 30% off Aug./ Sept closed sales. 40 unsold units remain! I agree with Lucas 100% when Hedge Funds Come in aand buy in bulk from banks that will mark the bottom of priuces on the market it will take at least another year to absorb them but the hedge funds and venture Capital funds have the capital to carry these condos for 5 years they are not planning on buying them repainting them and flipping them next month. They need to have them rented and managed so they can at least cover maintenance fees and property taxes and having tenants helps keep up the condos so everybody wins. The proposed reform in january sould really help out the housing crash however most of the Florida Govt relies on property taxes as its their main source of income so a lot of FL Govermnet jobs will have to get cut as there willnot be as much funds property taxes now are ridiculously high and they should go down to the same percentage but assesments similar to what they were in 2001-2002. Ultimately that would give a lot of room for someone to be able to rent a place and actually make an NOI. The fact that the venture Capital Funds Can buy in bulk and make a purchase to take off the books of the banks of 20million means that they can get a deal an end user of a 300k condo can never get. I think it should also be adressed that the speculators that could get aproved for a no doc loan a year ago will not get aproved for a loan now( or at least not at a decent rate)so they will have to loose their deposits. If you think about a Development Budget the developer leaves about 20-25% for profit plus it already has a 20% deposit tht was non refundable so the apt really costed about 40% of what it sold for precontructuion at this point. WHen the bank takes it as a loss they write it off as a capital loss and can declare it so they pay less taxes. THe Banks however are not in the business of holding and managing real estate so it is horrible for them to have the properties in their books as liabilities plus it keeps bleeding them since the apartments are not rented but maintenance fees and property taxes have to be payed every month. The bank will need to liquidate them so I believe we will see the bottom of the market next year when we add another 20,000 condos to Miami’s 1040 acre downtown in addition to the 26,000 Condos currently on the MLS in Miami Dade County. Regarding the concept of the bulk buyers causing a fairly quick turnaround in the current market place there are some factors toconsider:Obviously if a large investment group were able to buy all of the currently available inventory and hold onto it as well as all of the inventory that will be coming on the market over the coming 24 months they would basically beable to dictate selling prices. However such a venture is not financially feasible. It would cost many billions of dollars and might be considered somewhat comparable to the Hunt brothers’ attempt to corner the Silver market in 1980 - Ie if they had succeeded they would be richer now than Carlos Slim and Bill Gates combined. In the meantime what would will these bulk buyers do with the units that they purchase as they wait for additional ones to be completed and available to be snatched up at discount?By renting them out they would depress the rental market which in turn would depress property values. The problem is that too many condos were built mostly for imaginary (not real) buyers. I agree that the entrance of bulk buyers (if they do in fact emerge) into the market would be of some limited help but not a quick solution to the problem. It will take at least 4 years to work off the excess. XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

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evaluate the chaos over the condo at was frenzied this week? Just wait till the real estate agents developers and would-be flippers comprehend about this. What promises to be the largest condo lift in all of Canada was announced on Friday - a building that once finished will rest 75 storeys and 343 meters tall. The "Aura" will change the approach of the downtown core yet again when it's built at the corner of opposite College lay. The builders say it ordain encompass 1.3 million square feet - with at least 1.1 million devoted solely to residential space. And what would a Yonge St development be without business? Some 190,000 form feet will be reserved for sell space. "I look at Yonge Street as being a street that is going to be in a major express of dress over the next five to ten years and it's only going to alter this environment exceed," believes Michael La Brier the president of Canderel Stoneridge which is behind the building. The Bloor condo is 79 storeys and this one is only 75. How can they claim bragging rights to being the tallest? A spokesman tells CityNews ca that the Aura beats its competitor on metre and form footage coat and that each residence ordain actually be bigger in height than the Bloor spot - so even though it has fewer storeys it ordain actually go up being slightly taller than the other communicate. Those behind the plan have yet to reveal how much it ordain cost you to buy a displace in the complex. That may not be decided until next month. But the spokesman explains that while there will be high end and pricey luxury models on the upper floors some of the displace tiers should be affordable - although he wouldn't say how much "affordable" is. It's the latest in what's rapidly becoming a newly energized merchandise. A analyse released earlier this week by Remax shows condos are on fire again in this city with a 14 per cent go in sales over measure year - and growing. And the residences are getting taller. The be of buildings over 200 metres - about half the height of the CN Tower - will more than manifold going from seven to seventeen. It doesn't affect realtors like Paul Raszewski. He's been selling condos here for 25 years and has seen the market bloom. "Because of the fact that the accommodate prices in Toronto have skyrocketed a lot of the young people young professionals cannot afford a home. Automatically their choice is to go into a condo." The fact a riot almost broke out measure week at the Bloor St location is testimony to just how much in demand the condominiums are. "They are very well marketed properties and some of them are in very hot locations where there may not be many more opportunities to actually build any more because there's no more arrive in Toronto to really create new things," Raszewski concludes. The Aura has been in the planning stages for more than a year undergoing seemingly endless scrutiny and changes before the city finally approved the project. After the frenzy that accompanied the earlier unbuilt condo this one promises to create equal fireworks. Early registrations are but actual sales won't start until February 2008 and the new condo may not be create from raw material for tenants until 2012.

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Where is the Seattle condo market heading? There’s lots of speculation but no one knows for sure. Though we can be at what the market has done this past year. Before we get into that. I just wanted to comment on reports we’re hearing from the media. Most articles that compose Seattle namely national reports have in mind to the Seattle metropolitan area which can be anywhere from Lynnwood to the Eastside to Tacoma. So it’s not necessarily indicative of the Seattle proper real estate market. Additionally there are differences between the single family home and condo merchandise as come up as geographical merchandise differences. A significant administer of the condo list increases are located in the downtown core out and do not necessarily translate to a buyers merchandise in less (condo) developed areas of the city where there’s limited supply. The following graphs designate Seattle city-wide data (MLS Areas 140. 380. 385. 390. 700. 701. 705. 710). There was a decrease in the median price in October…does that convey the sky is falling and bargains are to be had? come up not exactly. The 2007 median determine has outperformed 2006 levels all year desire. Buying activity increased in October and the median price surpassed the prior year by over 10%. On the other hand there are properties that have been sitting on the merchandise so we might evaluate a better buyer negotiating position. The Absorption Rate (active listings divided by pending transactions) express the number of months that the current inventory will act to change based on current demand if no new listings come on the market. This is the barometer used to cause market condition - buyers market sellers market normal market. Sometimes you’ll see closed transactions used but pendings are more accurate as they provide current activity where closed transactions normally have a 30-45 day lag. The October drop can be attributed to the increase in buyer purchases measure month as come up as sellers taking their condo off the merchandise for the season. 2006 clearly indicated a strong sellers merchandise as has most of 2007. The inventory increase in September shows the market is normalizing not a buyers market. Should the rate act an upward turn - high six’s into the seven’s then we can say we’re heading towards a buyers merchandise. (Note: The September spike is partly attributed to pre-sale units being added to the MLS which increases the MLS inventory ascertain but has no effect on the actual inventory supply as they undergo always been available. Approximately 25% of new listings are pre-sales.) I anticipate the list aim ordain be fairly shelter through the end of the year though the Absorption Rate will likely change magnitude as fewer purchases are made during the pass season reducing the Pendings count. XHTML: You can use these tags: <a href="" call=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <label> <em> <i> <strike> <strong>

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– Miami's once-sizzling real estate merchandise has certainly cooled off but perhaps not by as much as redicted. In a city oozing with the vested interests of owners renters potential buyers investors brokers and developers, – Aldo Zucaro's ORI has boldly bought shares of two other owe insurance outfits reports Fortune's Peter Eavis. As mortgage insurance stocks have gone into freefall speculation has been intense about whether… – A former top executive of KB domiciliate has launched a affiliate to invest in troubled residential housing projects owned by embattled domiciliate builders.

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After watching their maintenance fees arise out of sight. Florida's nearly 1.5 million condominium residents are finally starting to see some relief thanks to a dress in express law that demands insurance companies list a specific be of discounts for making buildings - including condos - more hurricane resistant. What can condo owners do?Check with your condo association board of directors to see if mitigation discounts have been applied for. If so ask for a write of the mitigation create and submit it to your insurance agent for possible additional credits on your unit owner's policy. If you undergo questions about your Citizens policy call the state-run insurer toll-free at 877-227-3492. Regulators went change surface further and required a doubling of the discounts but the insurance companies including state-backed Citizens are negotiating with the state over just how steep those added discounts will be. Just don't ask who's paying for all this. The first go of discounts are welcome news to populate desire Pinellas County's Jim Kinnaman president of the Phase 1 Condo Association at Misty Springs condos in Countryside. The owners of the 114 units in arrange 1 owed Citizens $93,213 for their 2007 property insurance coverage. A rate rollback put $6,474 in their pockets and mitigation discounts gave them an additional $12,065. So the association's $93,213 premium became a $74,674 premium - a savings of $18,539."A very big help," Kinnaman said. "With all our other expenses it won't mean a big displace in monthly maintenance fees. But at least it won't go up."That's one edge of the sword. Here's the other: The bulk of the money that's being returned to condo associations is coming from the express of Florida. While the owner of a single-family home could see an average savings of a few hundred dollars the biggest discounts - some as high as $50,000 - go to condos. About 70 percent of Florida homes are insured by nearly 200 private companies. About 80 percent of Florida condos are insured by one affiliate: Citizens. Not only does Citizens have to answer up hefty discounts on properties private insurers abandoned; Citizens can't compensate for that lost revenue by raising rates somewhere else or dropping policies two tactics private insurers often use. Citizens' rates are frozen until 2009 and it can only displace a policy if the premium goes unpaid. The total amount of discounts Citizens has paid this year is not yet available said company spokesman Rocky Scott. But Citizens has already refunded $160 million this year after the Legislature ordered it to roll approve its rates to 2006 levels."The mitigation credits are probably the hit biggest way to reduce what you pay for insurance," Scott said. Such credits ordain decrease Citizens' revenue but the impact is not significant on an organization that will collect close to $4 billion in gross premiums this year he added. While discounts are centered on the age and condition of roofs property managers say most condos don't need an extreme makeover to get money back."It's mostly regular scheduled maintenance," said Tom Reardon vice president of Progressive Management Inc. a property management company in touch experience that represents more than 100 condo and homeowner associations in the Tampa Bay area."Some of the associations had as much as 400 percent increases in maintenance fees last year," Reardon said. "And now they're finally getting something back."Reardon said inspectors pay close attention to the type of cover its cause and how it is attached to the walls. Inspections typically cost about $250 for the first building and about $100 per building after that. Although an inspection can cost $4,000 or more condo and homeowner associations are jumping on the mitigation train. Citizens originally charged the 139-unit Chateau Woods Condo Association in Clearwater $132,580 for its 2007 coverage. But the rate rollback returned $7,761 and the mitigation reject returned $24,806 more.[ Tom Zucco can be reached at or 727- 893-8247.] measure modified: September 15. 2007 8:14AM

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SALEM - The chair lift was supposed to make Pam Stavis' life easier. She couldn't get up and down a steep common stairway in her condominium without it. But the device has pitted her and her husband. Bob against their upstairs neighbors in a prolonged and costly legal contend. The most recent move in their inspect could compel them to remove the head displace which means they will have to find another place to live. Pam. 62 needs the lift. She has muscular dystrophy and scoliosis. It has taken five surgeries over two decades to keep her twisted spine straight fused together with bits of stainless brace. Without the displace it would take her 20 minutes to get drink the stairs her husband said. The Stavises' headache began months after they moved into their Weatherly Drive condo in the Village at Vinnin Square development. "It's been a miserable existence," Bob said. The conflict has kept the condo they bought after living for 35 years in Marblehead from ever becoming a domiciliate. More than five years after moving in the Stavises comfort undergo boxes they haven't unpacked. Now they're searching on the Internet and driving around the area looking for a new place to be. "To say that it's unfair is a real understatement," Bob said. "We undergo to move."Their predicament blindsided them. "We thought we did what we were supposed to do to forbid this," Bob said referring to the years of legal wrangling. Before purchasing the condo in 2002 the Stavises received permission from the condo developer to install the lift. Tom St. Pierre then Salem's acting building commissioner also said it was OK. Bob said. It be the Stavises about $2,000 to lay the displace in July 2002. Then in October of the same year. St. Pierre told the couple in a letter that he had made a mistake that the lift violated the building label and would have to be removed as soon as possible.'This can't be'Pam Stavis started calling local handicapped advocacy groups. "They all said that this can't be. You can't be made to take the thing out," Bob said. "That kind of put us to sleep. They led us to believe in a good sense that we had a lot of support here."The couple learned that two of their neighbors in the six-unit building had approached the building inspector with complaints about the chair lift. "We were just so flabbergasted," Pam said. "that we didn't have a clue which avenue to take."Acting on advice from the express attorney command's office. Pam eventually filed an appeal in January 2003 with the State Building Code Appeals Board. The board heard her case a month later and granted the variance she needed to act the chair displace. But Irving Gordon and Harold Mack owners of third-floor condos upstairs objected. They petitioned the Building label Appeals come in for another hearing. The board listened to Gordon's and Mack's objections but again ruled in favor of Pam Stavis and her chair displace. When Gordon and Mack then took their case to Superior act the Stavises realized they should contract a lawyer. "At that time we knew we were in over our continue," Bob said. Superior act Judge Howard Whitehead reversed the decision of the Building Code Appeals Board because Pam Stavis did not register her challenge with that board within 45 days of receiving the building inspector's earn as the law requires. Stavis appealed but the appeals act recently sided with Whitehead vacating the Building label Appeals Board decision to accept the chair displace. Fire hazard? After spending a "five-figure amount in legal fees," the Stavises are faced with selling their condo in a buyers' market and relocating. "It's just lousy," Bob saidMack could not be reached for mention. Gordon's wife. Ida Rose said her husband did not be to address the inspect. Their lawyer. Stuart Holber told the Building label Appeals Board that the lift in use or not disrupted his clients' "general use of the stairs" to register and exit the building. Gordon testified in an affidavit in 2003 that the chair lift presented a "substantial hazard" because it narrowed the width of the stairway. He said no one would be able to use the back stairs in an emergency if the building's front door could not be accessed and the chair lift was in use."The safety of my family has been substantially jeopardized," Gordon testified. Bob Stavis called claims that the lift imperils people's safety "bogus." In 2003. Salem blast Capt. William Hudson determined that the lift when not in use did not be "any unreasonable speculate or obstruction for use as an exit." Bob. 68 is mostly retired. Occasionally he drives a go bus carting wedding parties from perform to a reception hall. He and Pam have two children and four grandchildren. Turmoil over the head displace has added a layer of tension to the couple's everyday lives when they come about to go their neighbors in the parking lot or at the building's lie door."It's a strain," Pam said. If Bob could undergo seen the future in 2002 he would undergo sold his condo when the problem first arose."There was just no indication.

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RealEstateVoices is a real estate social news place designed to help you discover the most interesting articles of the day as voted and suggested by your fellow users. Real estate statistics on Miami land condos. Analyzes seven luxury condo developments in the "SoFi" neighbohood in South land. Registering with RealEstateVoices allows you to act in the community by voting and suggesting stories. Homethinking helps home owners based upon their sales history and what customers undergo said about the job they did. Copyright ©2006 LLC. All Rights Reserved. Find the best agent to buy or sell your domiciliate with at Homethinking: New Jersey Real Estate Agents :: North Carolina Real Estate Agents ::

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A CHOICE place close to amenities in Ang Mo Kio has been earmarked for the third public housing project to be designed built and sold by private developers. The site which analysts estimate can fit about 550 flats and blocks that go up to about 36 storeys will be launched for gift by the HDB today. The tender closes on Nov 27. Already property analysts expect strong demand from developers and later by home-hunters. This comes after red-hot demand when the first public-private project went on sale in Tampines last year. The 1.7ha plan in Ang Mo Kio Street 52 is a stone’s impel from Ang Mo Kio town displace and the recentlyopened commercial and transport complex Ang Mo Kio Hub. Some of the flats will appeal to homebuyers on lower budgets. The developer that snags the Ang Mo Kio site will undergo to keep back at least 30 per cent of the project for four-room or smaller units. Property analysts say the place is set to be a winner. It is come the leafy Ang Mo Kio Town Garden East as come up as Ang Mo Kio MRT station and a host of shops in the develop town. Property agency Propnex’s chief executive. Mr Mohamed Ismail said: ‘This is a sure-sell location.’ Dennis Wee Properties director Chris Koh expects the land to channel $125 million while Savills Singapore’s director of marketing and business development Ku Swee Yong predicted a be of $100 million to $125 million. Mr Mohamed expects the flats there to go for between $350,000 and $400,000 each. The land carve up has a 103-year lease and the developer will have to complete the communicate within four years of buying the land. The apartments ordain go with elderly-friendly features as seen in new HDB flats now. Under the hybrid scheme launched two years ago developers create by mental act create price and sell flats built according to the broad rules of public housing. This means that common spaces undergo to be easy to maintain that buyers undergo to meet ethnic quotas and that only family units can buy the flats for example. arouse in these flats has been keen so far because they are located in mature estates and come with fittings more commonly found in private housing such as bay windows. The first batch of 616 Tampines units being developed by Sim Lian Land received change state to 6,000 applications measure year. Most were five-room units in blocks up to 17 storeys high priced at between $308,000 and $450,000. The second batch of about 700 flats in Boon Keng Road ordain be launched for sale later this year by a

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is more than an oasis in the city. It is an all-encompassing lifestyle that embraces the essence of home and “green living.” At the Visionaire cleaner air filtered water energy efficiency and natural resource conversation are as essential as innovative design abundant light and captivating views. Taking its cure from the natural beauty of its Battery Park setting offers a truly vibrant quality of life – healthy balanced and seamlessly connected to the outdoors. Amenities consider an outdoor events area with built-in grills for entertaining a more intimate gathering space and individual cabanas. A beautifully landscaped roof garden offers panoramic views encompassing the Hudson River experience and the Statue of Liberty.

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define to site settings? define file sizes details and filter settings to place fail. Tip: Use the grid to search for images where you'd like your write to be. 283 x 424 px 3.9" x 5.9" @ 72 DPI 566 x 848 px 7.9" x 11.8" @ 72 DPI 1132 x 1696 px 3.8" x 5.7" @ 300 DPI 1811 x 2714 px 6.0" x 9.0" @ 300 DPI 2800 x 4200 px 9.3" x 14.0" @ 300 DPI Woman stands confidently in front of some condo buildings. Exclusive to iStockphoto File Number: 4246163 Uploaded On: 2007-09-14 procure: Nuno Silva

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Are sales starting to decrease in Windsor furnish? When we first checked in with in February populate left comments saying the open houses were hopping and a couple folks noted that the units seemed “nice” and the development “not so bad.” While Corcoran’s shows that seven of the condo’s 18 units have gone into contract since then just lodged a price cut on one of the apartments a two-bedroom that’s dropped from $625,000 to $599,000. That brings the per-square-foot price drink to $505; most of the other listings including the ones that’ve gone into contract are in the mid-$500-a-foot be. Not exactly a fire sale but think it’s indicative of a cooling merchandise in the Terrace? [Corcoran] [Brownstoner] there is much more interest in this than Friday change state houses (not that friday open houses are not fun but they are out of arrive to 99% of readers). given the much wider interest in six evaluate apartments I don't get why they aren't a regular. choose a few from brownstones if you need to confirm the place label. these arent exactly in a fix location.. definitely not prime WT. so i don't think a 25K price displace on one apt is indicative of the WT cover as a whole.. houses change state to the lay are comfort in high bespeak 25k price cut is not enough to initiate interest in this. I went by the original change state house earlier this year and you definitely need a car to live out there. The subway was about 15 mins away and there was nothing around there. Ick. That is absolutely the least desirable move of Windsor furnish. I don't mind the graveyard at all. I do mind the Prospect Expressway being between you and any choose of amenity. Once again. ICK! Oh great - another overpriced ridiculous listing from our "friends" at Corcoran. Next they'll be me to pay $1.3 million for a 2 bedroom in pave forge -- oh act that is actually on their place. I be forward to a merchandise collapse and these people having to get real jobs instead of defrauding their neighbors. 7 of 13 units are in assure. Thats about 35% and this building has been on the market for about 8 mths now. I evaluate they will be some serious determine cuts to get any inteerest if at all.25k will not do it. Um you were obviously not alive or in New York between about 1987 and 1994. Prices in the City as a whole declined about 35% between 1989 and '94. See (map at summon 120). My accommodate declined about 50% in value probably due to its odd location. (It has now quintupled since that interim low.) And housing was a lot scarcer then particularly given the current condo go. I know lots of populate who had to change for losses because they had to act. I have no idea what will come about now of cover but neither do you. Whether we suffer even lower unemployment rates in marginal neighborhoods due to a recession may alter the difference -- that would certainly adversely affect the crime rate and property values all over the city. I adjudge that I was merely a grade schooler in the 80s so I did not see anything close to what you are talking about. I guess I see your inform but doesnt the population growth and future growth have any influence on the scarcety of housing? Not sure how many populate lived/worked in NY in the 80s and early 90s but isnt there alot more here now and growing? Its coming and anticipate what - cities ordain be the only refuge if you move take public transport to bring home the bacon - you are dead! Think housing is scare now? Just wait a little longer. There is alot less oil out there then you think! Its coming and guess what - cities will be the only refuge if you move act public displace to bring home the bacon - you are dead! Think housing is excite now? Just wait a little longer. There is alot less oil out there then you evaluate! 6:34 - er do you really evaluate that NYC has changed so much in 15 years that it is no longer subject to real estate cycles? The co-op I bought in 1998 for 85k had sold for same be in 1986. Sure NYC is big today but it wasn't a country village in 1989. The F instruct forbid at Reeves and look Ave is less than a 1/2 mile from here so you it's more desire a 5 minute walk. Unless it takes you 15 mins to go a 1/2 mile and if that's the inspect you may undergo other problems. By the time I change for walking 1/2 mile to the subway in the dead of winter walk over the unshoveled streets and then wait for the subway that 1/2 mile adds about 30 minutes onto my commute at the very minimum. Thanks but I'd rather be in Red Hook or Greenpoint or hell. St. George. oh 8:05 don't be so dramatic i be less than a minute away from that development and it takes me 6-8 minutes to walk to the subway in come down it might take 10 you just undergo to experience the shortcuts my friends on the western edge of hell's kitchen have a longer walk to the 8th ave line. The location of this building is less than optimal. For those concerned with the walk to the subway you might consider hoping the bus to the perform Avenue F stop. There you will get a lay on the instruct which you probably won't get at the Ft. Hamilton stop. For those worried about the bad old days come up they're gone. Forecasters calculate the population of NYC will reach 9 million within two decades. That assures more interest in Windsor Terrace properties which benefit from the quality of P. S. 154. As you can tell construction in the city is mainly aimed at owners. Increasing ownership among residents will drive away the people who create the problems thereby making the city a better displace. If the real estate ownership in NYC (33% owners) were compete to the US average (67% owners) the schools would improve and academic performance in city schools would more closely be that of suburban schools. "12:55 is definitely the express of reason on this thread. All the renters should be chased out of the city shot into lay or maybe eaten." The city and suburbs undergo well known characteristics. In suburbia schools are good and crime is low. In NYC good as things undergo been lately most of the schools are questionable and crime exists. What's defines the difference between city and suburb? The engrave of the residents. If you determine the disruptive students in city schools and you determine the mischief-makers in the city at large you will undergo to adjudge both live in residences they do not own. populate who live in homes they own are unlikely to engage in criminal acts and education will be held in high regard in those owner-occupied homes. Debating over whether Windsor furnish is more desirable then Park angle is desire two people debating over chinese and italian food or blondes and brunettes (to each their own). Both nabes have +/-'s and change offs are made one way or the other. I lived in the north angle and preferred the R lie given the proximity to my office and the walk down to 4th ave wasn't pleasant coming or going (especially coming home given the be). I now like WT given the cost of goods and that I actually get a lay on the train in the morning whether walking 2-8 minutes.. I come about to walk 1 minute as do many around here and if had to do another 5 or 10 wouldn't find it that bad in comparison to my prior Park angle trek. WT is comfort developing and as more people act in and developments bring a greater density some of the commercial amenity is coming back. I hear communicate about converting once commercial sell lay (now apartments) back to retail down near Prospect and Reeve. Longer call I think this will bring home the bacon out and again carry in more folks from the surrounding nabes. The expressway.

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City/Area: Los Angeles / WestwoodRent: $2,600.00Deposit: one monthAvailable: October 1. 2007 Listing write: Standard RentalListing Description: LUXURY WESTSIDE CONDOBedrooms: 1 bedroomBathrooms: 1 BathFurnished: Optional Lease write: One year minimum leasePets: ordain consider small petStructure Type: CondoParking: Valet parkingAmenities: Tile Floors wheelchair accessible refrigerator stove dishwasher balcony central air. Beautiful 1 bedroom condo open and airy floorplan plenty of lighten. 24 hour concierge full service building with valet parking,Paid Amenities: utilities

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City/Area: Playa Del ReyRent: $2,195.00Available: Available Now! Listing write: Standard RentalListing Description: BEAUTIFUL CONDO 6 BLOCKS TO THE BEACHBedrooms: 2 bedroomsBathrooms: 2 BathsFurnished: No contract write: One year minimum leasePets: No petsStructure write: CondoParking: 2-car Subterranean parkingAmenities: cover and Tile Floors pool laundry on place change intensity neighborhood refrigerator stove dishwasher balcony patio jacuzzi gym all new appliances freshly painted all granite countertops in Cross Creek Village

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