MIAMI, FL--Nearly 42 percent of the nearly 53,000 condominiums for resale in the tricounty South Florida region are in some form of distress with the ratio of troubled product reaching as high as 50 percent in Miami-Dade County, according to a new report from CondoVultures.com.
More than 22,200 condominium units on the resale market in Miami-Dade, Broward, and Palm Beach counties are either bank-owned properties or in the process of a short sale where a lender accepts less than the amount owed on the existing mortgage, according to the report based on Florida Association of Realtors data.
"Distressed condos are going under contract in South Florida at a pace that is three times faster than those units that are not bank-owned or in the process of a short sale," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Today's condo buyers are purchasing with all cash, so the natural focus is to gravitate toward the distressed units that can be acquired at a deep discount. The product that is not officially deemed to be distressed is selling but at a much slower pace."
Contact: Peter Zalewski, 800-750-0517, peter@condovultures.com
Monday, March 29, 2010
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