The number of bank-owned condo and townhouse transactions in South Florida decreased by four percent in 2011 compared to the previous year of 2010, according to a new report from CondoVultures.com.

Buyers purchased less than 12,100 condos and townhouses that had been repossessed by lenders in Miami-Dade, Broward, and Palm Beach counties in 2011, according to an analysis by the licensed Florida real estate brokerage Condo Vultures® Realty LLC.

Compare this to previous years when buyers purchased nearly 12,600 condos and townhouses from lenders in 2010 and more than 10,550 units from lenders in 2009, according to the analysis of Florida Realtors association data.

Despite the recent slowdown in resale velocity, the number of transactions for bank-owned units in South Florida is still up significantly from 2008 when buyers purchased fewer than 1,300 condos and townhouses, according to the report.

As the number of bank-owned transactions for South Florida units decreases, the median resale price for a condo and townhouses from a lender has decreased annually since 2008.

In 2011, buyers paid a median price of nearly $67 per square foot for a bank-owned condo or townhouse in South Florida.

A year earlier in 2010, buyers paid a median price of more than $66 per square foot.

In the previous two years, buyers paid a median price of $73 per square foot in 2009 and $97 per square foot in 2008, according to the report.

As of Jan. 10, 2012, more than 800 condos and townhouses are on the resale market as bank-owned properties in South Florida at a median asking price of $78 per square foot, according to the report.

Bank-owned units represent less than four percent of the nearly 23,600 condos and townhouses on the resale market at a median asking price of $161 per square foot.

As for pending deals, more than 1,500 condos and townhouse owned by lenders are under contract waiting to transact as of Jan. 10, 2012, according to the report.

Bank-owned units represent nearly 13 percent of the more than 12,000 condos and townhouses under contract waiting to transact, according to the report.

Condo and townhouses transactions that were never listed on the Multiple Listing Service are not included in this report.

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.

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

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