Nearly 900 residences in the Vultures Database™ have closed in the first five months of 2009 at an average discount of $357,500, or nearly 54 percent, a dramatic change from the average price reductions of 44 percent in 2008 and 29 percent in 2007, according to a new report from Condo Vultures® LLC.

Buyers closed 232 single-family houses, condos, and townhouses in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties in May for a daily average of 7.5 transactions. In April, buyers closed an average of 7.0 properties per day. The running average in the first five months of 2009 is 5.9 closings per day on properties in the Vultures Database™, according to the report.

"Discount investors and first-time home buyers are having a noticeable impact on the coastal residential real estate market in South Florida,"  said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Half of the transactions involving properties in the Vultures Database™ have closed in the last two months. We anticipate the pace will continue at the same level, if not stronger,  throughout the summer if conditions remains the same."

In its third year of monitoring South Florida discounts, the Vultures Database™ is comprised of nearly 3,800 condos, townhouses, and single-family houses actively for sale east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties that have been reduced in price by at least 10 percent and/or $100,000.

Discounts are proving to be the single-most important factor in determining whether a property is sold or not. With conventional financing difficult to obtain, the majority of today's buyers are selectively purchasing with cash or the assistance of government-backed programs, such as the Obama $8,000 tax credit for first-time home buyers.

The average discount on a residence currently for sale in the Vultures Database™ stands at nearly 41 percent, or $275,518, according to the report. Research shows the average residences will trade once an additional 13 percent is shaved off of the asking price. 

Condos and townhouses, which account for 71.9 percent of the total inventory, are discounted by an average of 41 percent, or $212,779. Single-family houses, which account for 28.1 percent of the Vultures Database™, have been reduced by an average of 40.8 percent, or $435,694, according to CondoVultures.com.

First-Time Home Buyers Seminar Scheduled For July

First-time home buyers who are itching to get into one of the deeply discounted South Florida residences before the Obama $8,000 tax credit expires in December are expected to turn out in strong numbers for the upcoming Condo Vultures® seminar.

The free seminar will feature a series of industry experts discussing every aspect of a real estate transaction including the essentials for qualifying for the Obama tax credit. The seminar is scheduled from 5.30 pm to 8 pm July 28 in Greater Downtown Miami.

Print copies of Condo Vultures® newly published First-Time Home Buyers Guide To South Florida™ will be available for purchase at the seminar. This 18-page guide features a collection of articles about the process, pointing out the essential dos and don'ts in making a first home purchase.

For more information, please contact John Fakler, executive editor of CondoVultures.com, at 800-750-0517 or by email at JFakler@condovultures.com.

Condo Vultures® Deep Discounts of the Week: Waterfront Properties

Here is a list of some of the biggest discounts in the Vultures Database™ on waterfront properties in Miami-Dade, Broward, and Palm Beach counties:

Miami-Dade County:
Aventura: Condo on the intracoastal reduced 57 percent.
Bal Harbour: Oceanfront condo reduced 58 percent.
Bay Harbour Islands: Waterfront condo discounted 56 percent.
Coral Gables: Condo on a canal discounted 45 percent.
Fisher Island: Waterfront condo reduced 59 percent.
Key Biscayne: Condo on the bay discounted 44 percent.
Miami: Condo on the bay reduced 78 percent.
Miami Beach: Condo on the intracoastal discounted 78 percent.
Miami Shores: Waterfront condo discounted 53 percent.
N. Bay Village: Bayfront condo reduced 71 percent.
N. Miami Beach: Waterfront condo reduced 78 percent.
Sunny Isles: Waterfront condo discounted 70 percent.
Surfside: Oceanfront condo reduced 60 percent.

Broward County:
Dania: House on a canal reduced 28 percent.
Ft. Lauderdale: Condo on the intracoastal reduced 67 percent.
Hallandale: Condo on the intracoastal discounted 63 percent.
Hollywood: Waterfront condo reduced 71 percent.
Pompano Beach: Waterfront condo discounted 72 percent.

Palm Beach County:
Boca Raton: Waterfront condo reduced 30 percent.
Boynton Beach: Condo on the intracoastal reduced 54 percent.
Delray Beach: Lakefront condo reduced 63 percent.
Highland Beach: Oceanfront condo discounted 44 percent.
Hypoluxo: Waterfront condo discounted 58 percent.
Palm Beach: Condo on the intracoastal reduced 57 percent.
West Palm Beach: Waterfront condo discounted 70 percent.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™. This e-mail address is being protected from spambots. You need JavaScript enabled to view it This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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