Repo property condos were among the top selling foreclosure properties in the Miami-Dade area in the first quarter, based on a report from Miami-based real estate research company CondoReports.com. Seven of the ten condominium complexes with the highest number of repo property condos in 2008 were listed in CondoReports.com’s top ten top-selling condo complexes. CondoReports.com studied completed sales of condo units in 2,000 condominium complexes with 50 units or more in the Miami-Dade area constructed before 2008. The study did not include sales of condo units from 2008 to 2009 because most of these were pre-construction sales and did not reflect home price levels at the time the deals were done. Real estate analysts said banks have repossessed the condo complexes and they wanted to move the repo property condos as fast as they can. The three complexes with the highest number of foreclosed condos sold were in the farthest suburbs of Miami-Dade. The Homestead project called Shoma at Keys Cove sold 50 units while Mandarin Lakes and Bluewaters each sold 32 condo units each. Luxury condo complexes in the Brickell area which became notorious for eviction notices also made record sales, such as Vue at Brickell and Club at Brickell Bay. Sales of repo property condos in the ten top selling condo complexes comprised over 11 percent of 2,600 town house and condo units sold in the Miami-Dade area monitored by CondoReports.com. The ten top selling condo complexes sold an average 29 units in the quarter or one condo unit every 3 days. CondoReports.com’s president Adam Cappell observed that a large share of sales in the ten top selling projects was made by banks. He said that the banks no longer wanted to wait for an improvement in prices, unlike individual condo owners in other distressed condo projects who were still waiting for a rise in home prices. Cappell said that the average price of repo property condos at Shoma at Keys Cove in the Homestead suburb was only $38,060 while the average price at the second top selling condo complex Mandarin Lakes was $192,000 and the average price at the third top selling complex Bluewaters was $211,000. Cappell also said that the sales of repo property condos were made mostly to individual buyers, so he expects the condo complexes to become more stable as speculative investors are replaced by homebuyers who plan to live in the condo units and investors with adequate capital.
Article Source: http://www.articlecontentprovider.com/articlesubmit
In the first quarter, repo property condos were among the top selling foreclosure properties in the Miami-Dade area. Most of the sales were made to individual buyers and were made by banks and not individual sellers.
Joseph Smith has been educating buyers on the finer points of Repo Property at ForeclosedPropertiesData.com for over five years.
Please Rate this Article
5 out of 5 4 out of 5 3 out of 5 2 out of 5 1 out of 5
