MIAMI – May 8, 2007 – The number of houses and condos sitting on the market with For Sale signs and lower prices continues to grow in South Florida, according to the latest survey by condovultures.com.The company, a real estate advisory firm in Bal Harbour, tracks homes for sale where the asking price has fallen 10 percent or $100,000, or has been on the market for at least 100 days. It follows properties east of Interstate 95 in Miami-Dade and Broward counties – areas with significant new construction.The report, tracking activity to April 30, found 1,744 properties with significant price dips or more than three months on the market in the two counties, up from 1,493 in March. The properties included 1,060 condos and 684 houses.Peter Zalewski, principal at condovultures.com, said the sluggish market is reaching a point where so-called vulture funds – investment groups looking to buy condos in bulk and at discounted prices – may start jumping in. “Big, bulk buyers are starting to come off the perch,” he said. “If we are not there yet, we are just around the corner.”Copyright © 2007 The Miami Herald, Matthew Haggman. Distributed by McClatchy-Tribune Information Services.
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