Miami Repo Homes Abound for Investors and First Time Buyers
Miami repo homes are still in abundance for investors and first time home buyers, based on reports from realtor organizations and on multiple listing services in the metro area.
Based on figures from the Southeast Florida Multiple Listing Service, there are currently 442 foreclosure homes for sale out of nearly 8,800 single-family homes available for sale in the Miami area. The median sales price for foreclosed homes is $134,900 while 258 units in the listings are priced below $150,000.
The lowest-priced unit, located in the city of Liberty, is being sold at $9,000 while the highest-priced unit, located in the Duhe Estates community, is being offered at $2.55 million.
Investors and prospective first time buyers can also take advantage of the sharply dropping prices in the Miami condo sector. The MLS currently features almost 16,600 condos, townhouses, coop units and villas in Miami-Dade County, and more than 500 of these are foreclosed properties. The median price for the foreclosures is $94,000 while 380 units in the listing are priced below $150,000.
The lowest-priced unit among the repo homes in Miami is a four-bedroom HUD unit in the northwest part of the county and is offered at only $15,000. This property is located in the subdivision of Seventh Avenue Highlands, where there are other lower-priced properties for sale.
For buyers who prefer buying short sale properties, the MLS also features plenty of condos and single family homes being offered at attractive prices. Short sales take a longer time and are difficult to close, but properties purchased through short sales are in better conditions than many foreclosure properties.
Meanwhile, another report from condo sellers showed the continued decline of condo prices in Broward and in Miami-Dade counties. Currently, condo prices are now more than 50 percent less than their prices during the condo boom in 2006.
Condo prices in Miami-Dade have plunged from their $294,400 average during the boom to $138,400 in November. In Broward, condo prices plunged to $83,200, a big dive from their peak price of $210,000 three years ago.
Price declines for condo conversions are even steeper, attracting bulk condo investors into Miami, including buyers from Nova Scotia and other foreign lands. Sales of previously owned condos climbed up by 48 percent while sales in Broward soared by 86 percent.
