South Florida Real Estate News: Week Ending March 6

By Mark Schecter

Pending Homes Sales Up in South Florida

Pending home sales in Miami-Dade and Broward counties were up in February, as low prices and a tax credit for first-time home buyers appeared to drive sales.

In Miami-Dade, the number of people who agreed to purchase a home in February was up 9 percent versus January at 9,164 homes and condos. Compared to year-ago levels, the number of pending home sales was up 61 percent, the Realtor Association of Greater Miami and the Beaches reported Thursday.

In Broward County, pending home sales increased 4.7 percent versus January to 7,791 homes. Compared to last year, pending sales in Broward were up 62 percent.

Foreclosure Statistics in South Florida Dropped

The number of foreclosures in South Florida this week dropped to 1,871 from 2,320 in the same week last year, according to data from Condo Vultures Realty. Year-to-date, the number of foreclosures dropped to 14,314 from 16,686 at the same point last year. The graph below shows foreclosure activity in South Florida’s three counties.

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Commercial Upgrades in South Florida’s Office Sector

The bottoming out of the commercial market in South Florida has some businesses taking advantage and upgrading office space.

That’s especially true in downtown Miami and the office market near Miami International Airport that combined have around 2 million square feet of Class A office space coming on the market in 2010.

“You have new supply added and you have new opportunity,” said Bob Orban, senior vice president and branch manager at tenant representative advisory firm Studley.

In some cases, Orban said, tenants are moving up to Class A office space from Class B or Class C. In other instances, tenants are moving within the same class but to a newer building or renovated space. And they’re finding landlords willing to give them free months of rent or paying moving costs.