Condo Resale Inventory Falls Below 40,000 In South Florida

MIAMI, FL--Fewer than 40,000 condominiums and townhouses are now for resale in the tricounty South Florida region, marking the fewest number of available units on the market in the last 18 months, according to a new report from CondoVultures.com.

The number of condos and townhouses for resale in Miami-Dade, Broward, and Palm Beach counties has dropped by 23 percent on a year-over-year basis compared to May 2009 when there were 52,000 units on the market, according to the report produced using Florida Association of Realtors data.

The available resales do not reflect the new units that developers are privately marketing, according to the licensed Florida brokerage Condo Vultures® Realty.

"South Florida's condo resale inventory has decreased by more than 35 percent - or 21,400 units - in the last 18 months," said Peter Zalewski, (bottom  right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The inventory is depleting for a variety of reasons, ranging from more investors and second-home buyers purchasing units at prices they think are deeply discounted to primary users taking advantage of the government incentives related to real estate. There also have been some sellers who have decided to take their condos off the market as a result of obtaining mortgage modifications.

"The unknown is whether more product will be put up for resale once some of the better capitalized sellers determine that the market is stabilizing, reducing the chances of having to accept a fire sale price."

Contact: Peter Zalewski, Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com.