A new Condo Vultures report showed that there is a new high in residences under contract in the South Florida area: 22,000 residences are now under contract, which represents a 138 percent increase in comparison with November 2008, the date where the weekly comparison report started, based on Florida Association of Realtors data.
Even greatest is the news that Miami-Dade’s contracts account for 46 percent of the total contracts in the tri-county South Florida area. Residences under contract in Aventura, Miami Beach and Sunny Isles Beach are primarily condos and townhouses -5,800 pending deals-, while single-family houses take for the 4,500 contracts left.
These figures don’t reflect pending contracts of developers who are privately marketing their own product, according to the report. The positive figures are the reflection, better, of the rush of buyers to get government incentives during February and March, and of course, to take advantage of favourable prices and discounts.
In other areas of South Florida, like Broward County -Ft. Lauderdale, Hollywood and Pompano Beach- residences under contract were 38 percent of the total 22,000. In real terms there are 4,700 condos and townhouses and 3,800 single-family houses contracts. In Palm Beach County -Boca Raton, Delray Beach and West Palm Beach- there are 3,500 residences under contract, from which condos and townhouses totaled 1,800, as found on the report.
By Antonio Bendek
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