Miami Beach Condo REO (Bank Owned) vs. Short Sale Inventory Q2 2009

Miami Dade Beaches map In researching Miami Beach condo inventory Q2 2009

including the Dade County entities of South Beach, Miami Beach, North Bay Village, Surfside, Bal Harbour and Sunny Isles Beach we have an inventory on May 11th 2009 at 5,677 (6,073 from May REO analysis and down 7%) total condos.

Out of those, how many would you guess are REO (Real Estate ‘Bank’ Owned)?….  only 80 (Bank Owned Down 27% from March 109 selection)  along the Dade County beaches or 1%. How many are short sales…? Miami Dade “beaches” short sales reflect 1,068 (Down 6% from May’s short sale selection of 1,131) or 19% of total condo inventory. These figures are derived from the South East Florida MLS (Multiple Listing Service).

MLS STATS show the Average REO (Real Estate Owned) Miami Beach List price is at $287,608 (Down 2% from March figures averaging $294,389) ~ Ave. list price per square foot cost at $260PSF (Up 13% over March $226PSF “asking“ prices) and average square footage at 1,069 SF.

These are the Best 20 MIAMI BEACH BANK OWNED (REO) DEALS.

I assure you I know local inventory and relay the very best… Miami Beach, Sunny Isles condo deals here {REO Miami Beach Bank Owned Condos Here} Click on any photo to enlarge. Feel free to post a comment with insights or questions pertaining… You will see ‘Pending’ in the upper left corner as these desirable condos soon go under contract fast! First Time Home Buyers are taking advantage of the new affordable selection plus $8,000 tax credit while Miami Beach Investors Note 2% to 5% ROI when owned outright. The truth is in the numbers, 1.888.383.7326.

You go Kris!

8 thoughts on “Miami Beach Condo REO (Bank Owned) vs. Short Sale Inventory Q2 2009

  1. I just want to warn potential home buyers of short sales in Miami Beach. My husband and I signed a contract (a contract!) for a condo and were told (repeatedly) that only our contract and offer was being submitted. We contacted the selling agent 3 times over an 8 week process and were reassured the sale was moving along. After 8 week of waiting we were informed that something happened to our file, and the bank took another all cash offer instead! We think this is damaging to buyers and completely unethical . Do not deal with Fortune Realty.

  2. Thank you Mary for your input. I’ve been burned once and do my best to avoid it now with so many short sales and offers out there. For instance, the buyer & myself were told that if she paid asking price and used their Title Company, the unit was “hers.” A week later the news was that another offer came in higher and was no longer the buyers. Now I place in a paragraph into the contract that makes them remove it from the market (placing as B-Backup or PS-Pending) after acceptance, allowing the buyer 48 hours to accept, counter or decline the banks approval letter.

    So many agents are collecting offers and with the time lapse involved, is not ethical when other great opportunities are missed. With short sales compromising 30% of our inventory and being as attractive as bank owned, it is something we must educate ourselves on especially when buying. Proper agency representation goes a long way as many serious buyers like yourself are getting pushed to the side and may benefit from knowledge and experience in winning the short sale race.

    Best regards,
    Ashton