Foreclosures and Short Sales
Note that the listings below include both condos and single family homes. These listings are separated by city into REOs (foreclosures), which are bank-owned properties that have been foreclosed. They are usually priced very competitively as the banks want to get rid of them quickly. Most are sold above the list price and are only available on the market a short time (see the data below), so serious buyers and investors must be prepared to make offers as soon as these properties become available for sale. Short sales are properties that have started the process of foreclosure, because the owners are delinquent in their mortgage payments and are "upside down" as the amount of their loans is greater than the true market value of their property. Usually they are also delinquent with their monthly maintenance payments to the condo association. Short sales typically take between 4-6 months on average to be completed and can take as long as a year, however, we are starting to see those times improve a little.
Sunny Isles Beach Foreclosures
Please note that the foreclosure data is in the process of being updated. Shortly, we will have recent sales, days on market and available listings for sale in each category by city to provide you with an accurate idea of the marketplace for distressed properties in Miami Beach, Miami and the rest of Miami-Dade County.
As of June 10, 2009, there are 587 bank-owned condos for sale in Miami-Dade County out of a total of 19,970 total condos for sale. Most of them are outside of the most desirable areas with a median price of $95,000 for a 1,026 sq ft condo.
Below are 30 bank-owned condos for sale with listing prices ranging from $200,000 to $4.2 million in the oceanfront cities in and around the Miami Beach area (South Beach, Sunny Isles, Bal Harbour, Surfside, Key Biscayne, Fisher Island), These already have been foreclosed on by the bank.
Click here to see more information and view photos of the above properties or contact us at 786.553.0697 or email us your request.