Short Sales…Nobody Likes them…but there are opportunities

Nobody likes short sales.   The process is long and drawn out with questionable results.  However, for buyers, the opportunities are there.  In Miami Beach in the last 60 days,  23 oceanfront condominiums closed that were short sales.  2 closed sales were at the Bath Club. These were large units with selling price for both units were over $1million.  The per square foot price was in the $300’s per sq.ft ! That would have been unheard of a few months ago.  A new oceanfront condominium in Miami Beach selling in the $300’s per square foot !

These opportunities are in all price ranges and touch the most expensive luxury buildings.  At the Grand Bay Tower in Key Biscayne,   a 9000 square foot oceanfront condo is listed for $7.8 million and is a short sale. There are short sales at the Continuum in South Beach, at Turnberry Ocean Colony, at the Jade in Sunny Isles and even at Oceanside in Fisher Island.

In the Fort Lauderdale area, there were 22 oceanfront condominiums short sales  that sold and closed in the last 60 days.  Several of those sales were condos at the Beach Club in Hallandale.

There are varying stages of the short sale process. If the short sale has already been approved by the bank the process could feasibly close relatively quickly.   Unfortunately, this is the state of the market today, but for a buyer… it could be quite an opportunity !

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