Blog | 700 S. Florida Condos Rented Monthly

12

Sep
2011

700 S. Florida Condos Rented Monthly

700 Condos Rented Monthly In South Florida In 2011

Published on 9/6/2011, By Peter Zalewski – CondoVultures.com

Tenants rented an average of more than 700 condos per month in the seven largest coastal South Florida markets between January and June of 2011, according to a new report from CondoVultures.com.

At the current pace, the seven largest coastal markets have about four months of available inventory for rent as of Sept. 6, 2011.

In the year 2010, tenants leased an average of 700 residences per month. A year earlier in 2009, renters leased an average pace of 600 residences per month, according to the report based on Florida Realtors association data.

CondoVultures.com has profiled the latest residential real estate trends in the second quarter of 2011 in the seven largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.

As of the week of July 21, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and the Downtown West Palm Beach market.

In the first half of 2011 in the seven largest coastal South Florida markets, tenants rented an average of: 360 condo units in the Greater Downtown Miami market; 120 condos per month in the South Beach neighborhood of Miami Beach; 60 condos per month in Sunny Isles Beach; 95 condos per month Southeast Broward County’s Hollywood / Hallandale Beach market; 70 condos per month in Downtown Fort Lauderdale and the Beach; 35 condos, townhouses, apartments, and single-family houses in the coastal Boca Raton / Deerfield Beach market; and 60 condos, townhouses, apartments, and single-family houses in the Downtown West Palm Beach market.

As of Sept. 6, 2011, nearly 2,700 residences are currently available for rent in the coastal South Florida market at an average median asking price of $2.05 per square foot per month, according to the report.

An additional 1,500 residences are under contract and waiting to be leased. The average median asking price of these pending deals is $1.66 per square foot per month.

The completed leases do not reflect any deals that that may have been transacted without being marketed on the Multiple Listing Service.

At the end of the first quarter of 2011, more than 42,000 condominium units – some 86 percent of the total new inventory – created near the coast in the tricounty South Florida region during the real estate boom had been sold as of March 31, 2011, according to a recent CondoVultures.com.

The total number of new condos sold includes the more than 8,000 units that were purchased or transferred in bulk transactions to investment groups that plan to one day resell the units at a premium, according to the Condo Vultures® Bulk Deals Database™.

Developers created nearly 250 projects with 49,000 units since 2003 in the seven largest condo markets east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties during the boom.

In the four decades prior to the boom, developers created nearly 700 condominium projects with more than 76,500 units in the same seven coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Downtown Fort Lauderdale and the Beach, Hollywood / Hallandale Beach, Downtown West Palm Beach and Palm Beach Island, and Boca Raton / Deerfield Beach, according to a comprehensive study undertaken for the Condo Vultures® Official Condo Buyers Guide™ eBook series.

Condo Vultures® relied on public records and private research to complete this study over the course of the last three years.

The results of this exhaustive researching of deeds, condominium documents, and government files is the basis for a series of seven ebooks titled the Official Condo Buyers Guide™. The guides for Greater Downtown Miami, South Beach, and Sunny Isles Beach are already on available for purchase on Amazon.com.

This information is also the foundation for a new Condo Ratings Agency™ service designed to provide guidance on the financial stability of nearly 1,000 condo projects – old and new – east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties.

It is important to note there are various stages to a residential real estate transaction in South Florida.

A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.

As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.

The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.