Top 5 Distressed Condo Sales Closed in October 2010
November 17, 2010 by Lucas Lechuga
- Solaris at Brickell #1204 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $165,100, or $144 per square foot, on October 21, 2010. REO
- Brickell on the River North Tower #3417 – 2 bedroom/2 bath (1,157 square feet) – This unit sold for $215,000, or $186 per square foot, on October 1, 2010. Foreclosure
- Blue Condominium #2004 – 2 bedroom/2.5 bath (1,158 square feet) – This unit sold for $180,000, or $155 per square foot, on October 8, 2010. Foreclosure
- Neo Vertika #2519 – 2 bedroom/2 bath (1,113 square feet) – This unit sold for $159,000, or $143 per square foot, on October 4, 2010. Short Sale
- Cite on the Bay #119 - 2 bedroom/1.5 bath (980 square feet) – This unit sold for $136,000 or $139 per square foot, on October 20, 2010. Short Sale
Lucas- any financing here or were they all cash deals?
Drew,
There’s no way of knowing that without speaking to the parties involved in each transaction.
You can look at mortgage records to see if financing was obtained. Previous owners of the buildings will now see they overpaid by as much as 50 percent. Miami is the king of the short term investor flips. How much longer before the masses begin to realize they will never be able to sell at a profit?
Both the Solaris and Brickell on River North units seem to have sold at a reasonable price for somebody to live in full time and not devote enourmous resources to their housing. Price targets in the range of $200k for a 2B are reasonable for living in Miami-not bad deals at all.
Things never change, I guess. The idea that MLS prices are now considered a starting point/opening bid, even for cash offers on REOs, tells me that the r.e. people in Miami are as sleazy as ever.
Joe,
If you look at asking prices vs. recent sales (I mean 1st week of Nov. and later)yyou will see that there are lot of people with wet dreams.
Check 360 condo MLS listings asking prices vs. recent sales and post your opinion.
Joe, list prices for MLS listings of REOs are not set by Real Estate Agents & Brokers. When Banks select Brokers to list their properties for sale in the MLS, the Bank determines list prices, NOT the Brokers. In the majority of cases, the list prices of Bank owned Foreclosures are below current market purchase prices of non-Foreclosure properties and savvy Buyers who are aware of that realize that most REOs are great deals.
“Hellish home refinancing nears bleak conclusion”
Welcome to South Florida.
The title agent who signed the crucial deed transfers that Hall’s fraud claim rests on operated an unlicensed title company that stole more than $1.5 million from South Florida home buyers during closing proceedings between 2005 and 2007, according to Florida Supreme Court records.
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During this period 2005-2007, Miami Herald was too busy in bed with the developers – telling people to buy homes. It is too late for them to report on the fraud now. They were integral part of housing bubble formation in Miami and associated fraud.
Amber — I understand the r.e. agents don’t determine the list price of REOs, but that’s usually true of non-REOs as well. My point is that it’s sleazy to list an REO at “x” price and then tell buyers — including CASH buyers — that the MLS price wasn’t really an asking price but an opening bid price. The MLS is not meant to be an auction site like eBay, and using it as such is reminiscent of the boom-era sleaze that dominated the Miami market.
In the majority of cases, the list prices of Bank owned Foreclosures are below current market purchase prices of non-Foreclosure properties
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Let’s play trivia.
What is current market purchase prices of non-forclosure properties:
A) Current Owners outstanding Mortgage
B) Current Owners Purchase price in 2006 + $100,000
C) High enough so no one would want to see it (I can live in the house for free for few more years)
D) What owners think it should be worth
E) Inflation adjusted in year 2050
E)