Miami Beach Bank Owned vs. Short Sale Properties (Q1 2009)

Miami Beach Bank Owned vs. Short Sale Properties (Q1 2009). In researching Miami Beach condo inventory Q1 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 March 29th, 2009 at 6,073 total condos.

Real Estate Bank Owned

Out of those, how many would you guess are REO (Real Estate Bank Owned)?….  only 109 condos along the Dade County beaches or 2%. How many are short sales…? Miami Dade Beach’s short sales reflect 1,131 or 19% of the total condo inventory. Today’s figures are pulled from the Southeast Florida MLS (Multiple Listing Service).

MLS STATS show the Average REO (Real Estate Owned) List price at $294,389. The average per square foot cost is $226PSF “asking,” and the average square footage is 1,072 SF.

20 MIAMI BEACH BANK-OWNED DEALS

I assure you I know the local inventory and relay the very best… {REO Miami Beach Bank Owned Condos Here} Click on any photo to enlarge.

Feel free to post a comment with insights or contact me here.

 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.

Miami Real Estate from 2008 to 2010

During the 2008 to 2010 real estate market in Miami, bank-owned and short-sale properties were prevalent due to the housing crisis. These properties were primarily the result of borrowers defaulting on their mortgages, leading to foreclosures and distressed sales.

Bank-owned properties, also known as Real Estate Owned (REO) properties, were homes that had already gone through the foreclosure process and were owned by the lender or bank. These properties were usually priced below market value to attract buyers and were sold in as-is condition, often requiring significant repairs or renovations.

Short Sale Properties

On the other hand, short-sale properties were homes that were being sold for less than the amount owed on the mortgage. The lender was convinced to accept less than what was owed to avoid the costly and time-consuming foreclosure process. These sales could take longer to close due to the negotiation process with the lender. They were a great deal for a patient buyer, as they provided an opportunity to purchase at a discount.

Miami’s Real Estate

During the 2008 to 2010 market cycle, Miami’s real estate was heavily impacted by the high number of foreclosures. Many properties were sold for significantly less than their original purchase price, decreasing overall property values. This resulted in a strong buyer’s market. Many investors and first-time homebuyers took advantage of the low prices and favorable market conditions. While it was challenging for many homeowners, it allowed buyers to purchase properties at super-low prices. It ultimately helped to stabilize the real estate market in the long run and lasted about two to three years.