Miami Beach Bank-owned condos are selling FAST. Get ready for a ‘multiple offer addendum’ from the bank to accompany your offer, and if you aren’t paying cash, look for a short sale deal instead. Still, at less than 2% of our inventory, Miami Beach bank owned is highly desirable and reflects a high ROI for cash investors of up to 5% (yearly lease rates), as I’ve seen this month on a 2-day sale at Bay View Lofts in Miami Beach.
Here are local area REO stats:
- 3,495 ‘Total’ Miami Beach Condos for Sale
- 62 Miami Beach Bank Owned (2%)
- 28 Sold in the Last 30 Days
- 93 Sold in the Last 90 Days
- 291 Sales in 2009
- Average Days On Market 69
- Average Sale Price per Square Foot $182 (Last 90 Days $176)
- Average List Price Per Square Foot $185 (Last 90 Days $171)
- Sale to list Price Ratio at 99% (Last 90 Days 103%)
Best Bank-Owned Condos of Miami Beach FL: Miami Beach REOs
Best Bank-Owned Condos of Bal Harbour, SIB & Aventura: Sunny Isles REOs
Miami REOs and Bank Owned
Bank-owned condos, also known as Real Estate Owned (REO) properties, are properties that have been foreclosed upon by a lender, typically a bank, and are now owned by the bank. These properties are often sold at a discount compared to their market value to recoup some of the lender’s losses.
The state of the real estate market in Miami Beach can vary depending on several factors, such as economic conditions, supply and demand, and interest rates. The Miami real estate market is experiencing strong demand for single-family homes and condos, with prices trending upward. However, it’s important to note that real estate markets are subject to change and can be influenced by many factors.
If you’re interested in purchasing a bank-owned condo in Miami Beach, it’s important to work with a knowledgeable real estate agent who can help guide you through the process and provide you with up-to-date market information. Contact Ashton Coleman today for all things Miami real estate.