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NewswireTODAY - /newswire/ -
Bal Harbour, FL, United States, 2009/06/15 - Real estate investors with an eye on ROI and other industry professionals are invited to join a lively, unique panel discussion on June 16 about cap rates, rents, funds, association management, and the state of the rental market in South Florida.
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Leasing trends in Miami-Dade, Broward, and Palm Beach counties will be the focus of a June 16 panel discussion, networking session, and question and answer period hosted by Condo Vultures® at the Doubletree Grand Hotel in Greater Downtown Miami.
Participating in the panel discussion, entitled "Rental Rates and the Quest For Double Digit Cap Rates", will be moderator Zalewski of Condo Vultures® along with:
- James Donnelly, president of the Castle Group condo association management company;
- Jack McCabe, national real estate analyst of McCabe Research & Consulting;
- Alan Ojeda, developer of the new Miami high-rise rental tower One Broadway;
- and Raul Valdes-Fauli, Miami-Dade County president of CNL Bank.
One emerging trend of the rental market that is sure to be discussed by the panel is furnished apartments.
Rental rates in coastal South Florida are holding surprisingly steady through the first six months of the year despite the thousands of new condo units that have become available in recent months, according to a soon-to-be-released White Paper report from Condo Vultures® LLC.
Even more remarkable is that the median asking rental price in Greater Downtown Miami -- considered by many the epicenter of the housing crash in Florida and possibly even the nation -- is a healthy $1.74 per square foot per month. The median price for a leased apartment in the area is $1.61 per square foot per month, representing a discount of nearly eight percent off of the asking price.
Across the causeway in Miami Beach's trendy South Beach neighborhood, the median asking price for an apartment on the barrier island is $1.99 per square foot per month. The median price for a leased apartment is $1.88 per square foot per month for a discount of six percent.
"South Beach is South Beach," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Not too many industry watchers will be surprised by the rents that the South Beach neighborhood commands given the sand, scenery, and sexiness. Greater Downtown Miami, however, is a completely different situation, especially given that nearly 23,000 new units have been built in that 60-block stretch since 2003."
In each of the 10-plus submarkets examined as part of the Condo Vultures® White Paper research (condovultures.com), apartments that are furnished command rate premiums of as much as 25 cents per square foot per month more than similar units that are unfurnished.
"It remains unclear whether landlords are opting not to furnish their apartments because they don't want the added expense or is there simply not enough demand from renters in need of furniture," Zalewski said.
The June 16 program begins at 5:30 pm and features a networking session, panel discussion, and question and answer period with the panel. Cash bar.
The registration fee for the event is $25 online and $30 at the door. Credit cards are accepted at the door.
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jfakler[.]condovultures.com 
