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Four Great Condo Foreclosure Deals on the Market Now

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In this video segment, we highlight four condo foreclosure deals that are available at this time.  These condos reside at 900 Biscayne Bay, Blue Condominium, The Club at Brickell Bay and Icon South Beach.  Give us a call at 305-350-9842 if you would like to learn more about these opportunities or other foreclosure deals now on the market.



11 thoughts on “Four Great Condo Foreclosure Deals on the Market Now

  1. Home sales surge in June with inventory at 42-year low

    * Instant view: New home sales exceed forecasts for June
    10:28am EDT

    WASHINGTON | Mon Jul 26, 2010 6:21pm EDT

    WASHINGTON (Reuters) – Sales of new homes rebounded strongly in June from May’s record low, pushing the number of houses on the market to the lowest level in nearly 42 years.

    But downward revisions to sales estimates for April and May in Monday’s report left in place a picture of a weak housing market and perceptions that economic growth moderated somewhat in the second quarter.

    Sales of new single-family homes vaulted 23.6 percent to a 330,000 unit annual rate, the Commerce Department said. Still, the sales pace last month was the second lowest since records started in 1963.

    “We can’t take too much joy in one month’s figure. The roadblocks to a healthy housing market are high, the most important one being the still high jobless rate,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto.

    The percentage increase last month was the largest since May 1980, and it partially unwound May’s historic 36.7 percent drop as the U.S. housing market was roiled by the expiry of a popular tax credit that boosted sales. Analysts polled by Reuters had forecast new home sales rising to a 320,000-unit pace last month from May’s previously reported 300,000 units.

    New home sales account for only a fraction of the total U.S. housing market.

    The report, together with package delivery and business services company FedEx Corp’s upgrading of its quarterly and full-year earnings forecasts, prompted a rally on Wall Street.

    Each of the three major U.S. stock indexes gained 1 percent for the day, with the Standard & Poor’s 500 at 1,115.01 — just a fraction of a point shy of the break-even point for the year. The Dow Jones industrial average is back in the black for the year. The Nasdaq, which edged back into positive territory for the year on Friday, is now up 1.2 percent for 2010 so far.

    http://www.reuters.com/article/idUSTRE65M2WK20100726

  2. “[T]he sales pace last month was the second lowest since records started in 1963.”

    – Yup, sounds like a booming r.e. market to me. LOL.

  3. Topical regarding future SoFla foreclosures/pricing pressure

    ————-
    Don’t hold your breath for a bounce in home prices
    By ALAN ZIBEL (AP)
    http://www.google.com/hostednews/ap/article/ALeqM5jfUWTT51JjdBvNwgqAXDPT0Qw1YQD9H6VBJ01

    IMO, the relevant line is
    “In Miami, nearly a quarter of mortgage borrowers have missed at least three months of mortgage payments or are already in foreclosure, according to Moody’s. That’s the highest level in the country. In four other Florida cities — Fort Lauderdale, Cape Coral, West Palm Beach and Naples — the proportion exceeds 15 percent. The same is true for Las Vegas”
    ———
    And according to other data from the past 6 months, housing in the +300K/jumbo Miami market seems to now be defaulting more (% wise) than the lower price points.

  4. Mike:

    Thanks for the great article – - statistical analysis much appreciated! Though I feel compelled to take a pot-shot at the author for merely revising the piece he wrote concerning May – - and changing the numbers. (But his comments on the impact of the tax credit and the timing issue in the earlier article was insightful.) (See: http://www.calculatedriskblog.com/2010/06/new-home-sales-collapse-to-record-low.html)

    I also appreciated this article containing some interesting comments concerning the Case-Shiller index.

    http://www.calculatedriskblog.com/2010/07/survey-shows-house-prices-falling-in.html

    I also appreciated the article that broke down sales by price: (See: http://www.calculatedriskblog.com/2010/05/new-home-prices-median-lowest-since.html) Granted, they are using median sales prices, but the analysis was still helpful.

    Again, thanks for the great link!

    scriv

  5. Mike,

    I don’t know if you bothered to look but new home inventory is also close to the lowest levels in history as well. It helps to actually read the entire article and look at all the facts instead of just hearing the pander.

    With all the distressed properties there is obviously more of a focus on existing home sales. And when you look at existing home sales you’ll see that they are still HIGHER than the historical median. Here is the info from you’re same “respected” source:

    http://www.calculatedriskblog.com/2010/07/existing-home-sales-still-above.html

  6. Gixxer 1000 said: “Here is the info from you’re same “respected” source:”

    – Oops, looks like Gixxer 1000′s “spell check” failed him again. LOL.

  7. Gixxer 1000:

    “I don’t know if you bothered to look but new home inventory is also close to the lowest levels in history as well”

    New home sales? Do they matter? It is like talking about “Saturn” sales figures. New homes are now called – existing homes, foreclosed homes, REO …………

    In accordance with the new law which came in to force on April 5th, banks cannot foreclose without first going through mediation. Which means the government has jammed the brakes for few months. Of Course the headline say that the foreclosures are also down! BECAUSE ?????

  8. Hopes rise with sales of downtown Miami condos

    The idea of a vibrant city center in Miami is bolstered by a Downtown Development Authority finding that condo sales — and prices — are going up.
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    A report found sales of downtown Miami condos have accelerated during the first half of this year, and the inventory of empty new condos on the market is steadily declining.
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    A report found sales of downtown Miami condos have accelerated during the first half of this year, and the inventory of empty new condos on the market is steadily declining.
    MICHAEL HAMERSLY / MIAMI HERALD FILE

    marXTheSpotFilms (July 05, 2010)
    By TOLUSE OLORUNNIPA
    tolorunnipa@MiamiHerald.com

    Residents and officials longing to see downtown Miami transformed into the nexus of a bustling, 24-hour city are beginning to see a little cooperation from the market.

    Even as home prices have continued to drop across South Florida, downtown Miami — the hub of the over-development that many believe sparked the housing market collapse — seems poised for a comeback, a new study released by the Miami Downtown Development Authority shows.

    The report found sales of downtown condos have accelerated during the first half of this year, and the inventory of empty new condos on the market is steadily declining. Prices are on the rise as well.

    In the first six months of this year, there were 1,933 units sold in Miami’s downtown area, which stretches from Brickell north to Midtown and from I-95 east to Biscayne Bay. That’s an increase of 110 percent over the first six months of 2009, when 919 units closed.

    “Downtown is an exciting place to be right now, with everything going on, and the report shows that people want to live downtown. They want to live in the heart of the city,” said Leo Zabezhinsky, the DDA’s manager of business development, real estate and research. Zabezhinsky moderated a downtown-themed discussion during the Greater Miami Chamber of Commerce’s Real Estate Committee meeting on Tuesday.

    The average sales price of a downtown home was $356,100 in the first six months of the year, up about 16 percent from the first two quarters of 2009, when the average unit sold for $306,700. For comparison, existing condo prices across Miami-Dade County dropped about 9 percent between June 2009 and June 2010 to $128,800.

    The inventory of new, unsold condo units in the downtown area stood at an estimated 5,400 units as of June 30.

    About half of the unsold units in the downtown area are in the Brickell area. The Central Business District, bounded by NE Fifth Street on the north and the Miami River on the south, contains nearly a quarter of the remaining new condo units.

    At the current sales pace, downtown Miami’s glut of new condos could be absorbed within the next 18 months, but there are a couple of caveats.

    First, the DDA’s numbers do not include the 870 units at the completed Mint at Riverfront and Paramount Bay buildings, currently empty but set to begin sales in the near future. Secondly, much of the sales activity has been generated by investors, who are largely expected to unload these properties back onto the market once prices rise and the housing picture brightens.

    “Resale of investor-owned properties could continue for four or five years,” said Craig Werley, president and owner of Focus Real Estate Advisors and one of the authors of the study.

    In the meantime, those hoping that an active rental market can spur the type of downtown renaissance longed for by a growing group of supporters are encouraged by an occupancy rate inching towards 75 percent. The DDA’s report shows leasing activity up 14 percent in the first six months of the year compared to 2009, with average rent down about 1 percent, to $1,787.

    Another potential economic stimulator for the area, though still untested, is the arrival of the revamped Miami Heat team at downtown’s AmericanAirlines Arena. With LeBron James, Chris Bosh and Dwyane Wade promising multiple championships, the effect on AAA’s neighborhood could be transformative, said William Talbert III, president and CEO of the Greater Miami Convention and Visitors Bureau.

    “Just think about all the restaurants that are going to open up,” he said. “You talk about a stimulus package — that’s one.”

    But a number of major issues still hinder Miami’s downtown from rivaling some of the other metropolitan hubs like Chicago and New York, said Sharon Dresser, co-founder of High Street Retail USA in Midtown.

    The lack of flagship shopping destinations, inadequate public transportation between central downtown and areas like Midtown and the Design District and “real or perceived” safety issues all need to be addressed, she said.

    “If you want to do serious shopping, you have to leave the downtown area,” she said.

    Read more: http://www.miamiherald.com/2010/07/28/1749345/hopes-rise-with-sales-of-downtown.html#ixzz14RG6bkCs

  9. That Miami Herald article’s headline is just another example of how misleading some reporters are. This is exactly the same type of non sense that we get from Peter Zalewski and his crew (also used to be a reporter)

    I am pretty sure that the 1,933 unit figure includes the 870 units that traded hands at ICON, but of course they don’t mention that here. The 110% increase sounds much better. Also, the 16% average price increase they mention is also skewed by these units which are on the higher end of the spectrum.

    The fact that they are at least admitting the high concentration of investor demand is a good thing, but of course, that never makes it to the headlines. 4 out of 5 units are being sold ALL CASH!!!

    I have said it many times before:
    This is just another bubble but mainly driven by cash buyers, so the effect will be limited as they can hold on to these properties for quite a while by renting them. Doesn’t mean is a good market to get into. I have yet to read from someone in this blog to show a particular example where an investor can make a decent return (6-8%) for a risky investment like residential real estate (vacancys, down time, commissions, capital expenses, etc) without including some ridiculous appreciation in the resale

  10. Thanks for posting Gixxer. I’m glad you pointed out existing home sales they are still higher than the historical median because it seems people neglect to recognize this.

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