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What's the State of Miami Beach Bank Owned (REO) Condos?

by on September 12th, 2009., under Buyers of South Florida, Investments
Buyers of South Florida, Investments | Tags: , ,

South Beach at Night!~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 are highly desirable and are reflecting 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 Bayview 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

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  • http://www.independentcomputerconsultant.com <img class="identicon" src="http://www.gravatar.com/avatar.php?gravatar_id=412e8eb26f81702524a5c5a8f47989ba&size=35&default=http://www.miamibeachrealestateblog.us/wp-content/plugins/wp-identicon/identicon/74dbd34eb38ce7b.png" alt="Computer Consultant Identicon Icon" height="35" width="35" /> Computer Consultant

    Thanks for the update.

    Oceanview/Oceanreserve look like good deals on $/sqft basis but once HOA and taxes are considered a buyer will barely break even on a rental even for an all cash purchase.

  • http://MiamiDreamRealty.com <img class="identicon" src="http://www.gravatar.com/avatar.php?gravatar_id=62b12e689db794497cb3c1bd64d2f707&size=35&default=http://www.miamibeachrealestateblog.us/wp-content/plugins/wp-identicon/identicon/7ce301da610731c.png" alt="Ashton Coleman Identicon Icon" height="35" width="35" /> Ashton Coleman

    Yes sure is a better selection. I must refer you to TonyHammer.com for the Broward County REO’s. He’s a Hammer when it comes to luxury real estate and REO’s! As for Sunny Isles Beach, Bal Harbour & Aventura.. new link above!

    Trump Palace 906 is a solid buy around $375k!

  • http://www.independentcomputerconsultant.com <img class="identicon" src="http://www.gravatar.com/avatar.php?gravatar_id=412e8eb26f81702524a5c5a8f47989ba&size=35&default=http://www.miamibeachrealestateblog.us/wp-content/plugins/wp-identicon/identicon/74dbd34eb38ce7b.png" alt="computer consultant Identicon Icon" height="35" width="35" /> computer consultant

    Anything in sunny isles, hollywood and hallandale?

  


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