Miami Beach Condo REO (Bank Owned) vs. Short Sale Inventory Q2 2009. 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 short sales reflect 1,068 condos. This is 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. This is down 2% from March figures, which average $294,389. The average list price per square foot cost is $260 PSF (Up 13% over March’s $226 PSF “asking“ prices. The average square footage is 1,069 SF.
These are the Best 20 MIAMI BEACH BANK OWNED (REO) DEALS.
I know the local inventory and relay the very best. Miami Beach, Sunny Isles condo deals {REO Miami Beach Bank Owned Condos} Feel free to post a comment with insights or questions pertaining to… In the upper left corner, you will see ‘Pending’ as these desirable condos soon go under contract fast! First-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!
I caught a typo on May 09 REO Inventory down 27% over March 09. Correction was made!
Love the look and feel of this site.
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.
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
This is great info for everyone. Glad you posted this. I am subscribing to this blog. Steve
This is the great blog, I'm reading them for a while, thanks for the new posts!