Bank Owned Properties- Miami and Fort Lauderdale Oceanfront Condo Deals

Every real estate buyer today regardless of price range,  comes to South Florida in search of a great deal.  Inventories are at an all time high and prices are at breaking lows.  But where are the real deals? Where are the buying opportunities?

Opportunities are appearing in Bank Owned properties, also known as REO’s.  Currently, there are 78 bank owned properties along the coast of South Florida and a staggering 61 bank owned condos under contract.  Once a property becomes Bank Owned, the process for purchasing is very straight forward.  Although the process varies slightly depending on the bank, a standard Florida Real Estate contract is submitted and the turnaround time for a response is usually 24-48 hours. 

Bank Owned properties are appearing in the finest South Florida Condos, such as  The Bellini in Bal Harbour,  The Setai,  Jade Residences Sunny Isles,  The Beach Club in Hallandale Beach, and in the Las Olas Beach Club in Fort Lauderdale,  I have seen the offering prices on Bank Owned properties to be up to 25% below comparable closed prices.  I have also seen Bank Owned units sell within days, with an auction like frenzy.  The Beach Club condo that I referenced in a previous post sold in 5 days.  The bank priced this property so low, there were multiple offers and I am going to guess that it sold above asking price.

I am currently working with many buyers looking for opportunities such as this and I watch this market very carefully.  I will recommend that anyone that is interested in jumping into this market and taking advantage of these incredible opportunities, must be ready to move forward with their documentation.  The bank will require verification of funds if it is a cash transaction.  If there is financing involved, prequalification is recommended, although the bank may require their own process as well. 

Here are some examples of recent Bank Owned Oceanfront condos in Miami and Fort Lauderdale:

Closed Sales

Las Olas Beach Club:  

2372 Sq.Ft.

Asking Price: $906,000

Closing Price: $900,000

Days on the Market: 11

 

Jade Residences Sunny Isles

1529 Sq. Ft.

Asking Price $675,000

Closing Price $500,000

Days on the Market 9

 

Trump Palace Sunny Isles

1329 Sq. Ft.

Asking Price: $649,900

Closing Price: $649,900

Days on the market: 8

 

Pending Sales

Bellini Bal Harbour

3820 Sq.Ft.

Asking Price: $2,499,900

Prior Offered Prior To Bank Ownership: $3,500,000

Days on the Market: 75

 

Ocean Palms Hollywood

2800 Sq.Ft.

Asking Price: $659,900

Price Paid in 2007: $1,100,000

Days on the Market: 3

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This entry was posted on Friday, January 30th, 2009 at 10:23 am and is filed under Beach Club Hallandale, Bellini, Buying Real Estate, Deals, Fort Lauderdale Oceanfront Condos, Las Olas Beach Club, Miami Oceanfront and Bay Condos, Ocean Palms Hollywood. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.