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Foreclosures in South Florida

Discussion in 'Creative Arts' started by DIAZ, Nov 15, 2007.

  1. DIAZ

    DIAZ Rookie

    May 3, 2005
    8
    Miami/Boston
    Full Name:
    ALEJANDRO DIAZ
    With the fall of the subrpime and the whole mortgage market there is an alarming rate of foreclosures coming to South Florida this month. Last week I looked at an Apartment at Jade 2/3 1730 Sq Ft on the 42nd floor ocean view over looking fisher island that was bought for $2.1 M on 5/23/05 it went into foreclosure and the bank liquidated it at $750,000 http://www.miamiforeclosuregroup.com/miami-homes-for-sale.htm Where do you guys think the market in South Florida is going?
     
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  3. TexasF355F1

    TexasF355F1 Four Time F1 World Champ
    Silver Subscribed

    Feb 2, 2004
    49,020
    Houston
    Full Name:
    Jason
    Are those actual pictures of the condos? The one with the high ceilings. If so those look really nice.
     
  4. 4REphotographer

    4REphotographer F1 Veteran

    Oct 22, 2006
    6,088
    Arlington, VA
    Full Name:
    Chris
    You might want to try the other off topic forum
     
  5. DIAZ

    DIAZ Rookie

    May 3, 2005
    8
    Miami/Boston
    Full Name:
    ALEJANDRO DIAZ

    Yes those are the actual pictures of the condos. There are so many foreclosures in Florida and California
     
  6. Mrpbody44

    Mrpbody44 F1 Veteran

    Jul 5, 2007
    7,633
    St Augustine Florida
    Full Name:
    Steve Metz
    I am a licensed real estate appraiser and let me tell you you ain't seen nothing yet. We are headed for a big collapse in the market in Florida. I all comes back to market fundementals. Most people in Florida make $10-12 /hr most of the properties are priced for people that make $100+/Hr. You have a lot of overseas buyers still but the folks up in the NE US can't sell thier homes to move down to Florida. It will be a couple of years of hard luck for the market in Florida. In my area near St Simons Island GA we have over 2000 homes on the market and only 63 homes sold last month. The market usualy sells 300 homes a month. At current rate we have a 2.6 year supply. Buyers market but homeowners do not want to hear that.
     
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  8. DIAZ

    DIAZ Rookie

    May 3, 2005
    8
    Miami/Boston
    Full Name:
    ALEJANDRO DIAZ
    Yesterday there was an auction in Miami Beach for cash buyers to bid on Bank REO's here are some of the results I tracked.

    Courvoisier Courts - Unit 2312 - 3/2.5 - 1,655 SF (Brickell Key) – Sold for $540,000 Previously Sold
    Sale Information:
    Sale O/R: 23827-3920
    Sale Date: 7/2005
    Sale Amount: $850,000

    Isola - Unit 1509 - 1/1 - 735 SF - (Brickell Key) - Sold for $185,000 Previously Sold
    Sale Information:
    Sale O/R: 24841-3574
    Sale Date: 4/2006
    Sale Amount: $385,000

    Jade - Unit 502 - 2/2 - 1,460 SF - (Brickell) - Sold for $625,000 Previously Sold 4/06 on for $1,500,000
    Sale Information:
    Sale O/R: 25254-0498
    Sale Date: 4/2006
    Sale Amount: $1,500,000

    Jade - BL45 - 2/3 - 1,730 SF (Brickell) - Sold for $735,000 Previously Sold on 03/06 for $1,430,000
    Sale Information:
    Sale O/R: 24391-2824
    Sale Date: 3/2006
    Sale Amount: $1,430,000

    Neo Lofts - Unit 1006 - 2/2 - 1,109 SF (Miami River) - Sold for $185,000 Previously Sold for
    Ocean View - Unit 210 - 1/1.5 - 1,005 SF (Sunny Isles Beach) - Sold for $140,000 Previously Sold for
    Sale Information:
    Sale O/R: 23738-2192
    Sale Date: 8/2005
    Sale Amount: $248,000

    Ocean View - Unit 909 - 1/1.5 - 1,005 SF (Sunny Isles Beach) - Sold for $160,000 Previously Sold
    Sale Information:
    Sale O/R: 23191-3806
    Sale Date: 1/2005
    Sale Amount: $203,310

    The Club at Brickell Bay - Unit 2114 - 1/1 - 818 SF (Brickell) - Sold for $180,000 Previously Sold for
    Sale O/R: 24415-2727
    Sale Date: 2/2006
    Sale Amount: $600,000

    The Club at Brickell Bay - Unit 2603 - 1/1 - 825 SF (Brickell) - Sold for $175,000 Previously Sold for
    Sale O/R: 24415-2727
    Sale Date: 2/2006
    Sale Amount: $600,000

    The Club at Brickell Bay - Unit 3102 - 3/2 - 1,232 SF (Brickell) - Sold for $225,000 Previously Sold for
    Sale Information:
    Sale O/R: 24344-3647
    Sale Date: 1/2006
    Sale Amount: $600,000

    The Club at Brickell Bay - Unit 3202 - 3/2 - 1,232 SF (Brickell) - Sold for $270,000 Previously Sold for
    Sale Information:
    Sale O/R: 24705-2364
    Sale Date: 4/2006
    Sale Amount: $856,000

    The Cosmopolitan - Unit 2603 - 2/2 - 1,010 SF (South Beach) - Sold for $405,000 Previously Sold for
    Sale Information:
    Sale O/R: 24695-1415
    Sale Date: 6/2006
    Sale Amount: $635,000

    Vue at Brickell - Unit 811 - 1/1.5 - 796 SF (Brickell) - Sold for $180,000 Previously Sold for
    Sale Information:
    Sale O/R: 25116-1721
    Sale Date: 10/2006
    Sale Amount: $580,000

    Vue at Brickell - Unit 3606 - 3/2 - 1,551 SF (Brickell) - Sold for $290,000 Previously Sold for
    Sale Information:
    Sale O/R: 24041-1839
    Sale Date: 11/2005
    Sale Amount: $720,000

    Please note that these were at aution all cash sales, and the auction house charges 5% but I just posted this as a market indicator of what is happening to the Bank owned properties at auction
     
  9. open roads

    open roads F1 Rookie
    Silver Subscribed

    Jan 28, 2007
    3,770
    Sarasota, Fl.
    Full Name:
    Stan
    The condo market in Miami will take 5 years to shake out, minimum.

    The good news here is that "something/anything" is selling. There is blood in the water and everyone knows it.

    There is money to be made in this market however. Its just not how you made money in recent past.
     
  10. Simon^2

    Simon^2 F1 World Champ
    Silver Subscribed

    Oct 17, 2005
    11,989
    At Sea Level
    It is important not to overgeneralize the Miami Condo market. There are 3 divisions of the "Miami Condo Market" which IMO are quite different.

    Miami Proper (mainland): over built with massive number still in progress. not much demand. continued fall in prices IMO.
    Miami Beach (not south beach): Perhaps slightly over built in the short term. slight decline vs flat prices.
    South Beach: very little new construction, what new construction their is very pricey. (new building near south point, approx 4000 sq ft, mid floor $6.6Million!) IMO, south beach prices have already hit the bttom.

    Summary: South Beach is "special". A unique microcosm with a somewhat insulated market, due to it's attractiveness, and finite (limited) supply.
     
  11. geno berns

    geno berns F1 Rookie

    Oct 26, 2006
    2,863
    Midwest
    Full Name:
    Geno
    I bought a new construction 2/2 at the Meridian 5 (corner of 5th and Meridian or 2 blocks west of Ocean Drive and the beach) about 2.5 year ago at 613/sq ft or $650K for a 1060 sq ft unit. It's a corner duplex in a low rise 18-20 ft ceilings in living room, all glass corner construction with a walk out balcony. One parking spot included a small swimming pool and interior court yard. South of 5th is a great area, but I think there are similar loft style duplexes in a few newer buildings in the area that are currently selling for high 500's or about $50-$70K less. I will do further research soon, but since the project is well over due, a local attorney has stated that there is a new federal law that allows a buyer of new construction to cancel their contract if the building does not get built with in the two year mark. Any feed back would be great. Gene
     
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