MIAMI, FL -- Nearly 50 South Beach condo units in a variety of well-recognized projects such as the Setai Resort & Residences (top left photo), the Murano Grande (top right photo), the Portofino Tower, and the Flamingo South Beach (middle left photo) are headed to court-ordered foreclosure auctions in the next 30 days, according to a new report from CondoVultures.com.
The 48 units are slated to be auctioned off in an attempt to resolve nearly $14.5 million in final judgments of foreclosure against the individual borrowers and debtors, according to Miami-Dade County records.
A combination of banks and condo associations initiated the process for the foreclosure auctions, according to the records.
CondoVultures.com is scheduled to profile the latest trends in the fourth quarter of 2011 in the seven largest coastal condo markets in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties.
Since the week of Jan. 16, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
South Beach is defined as the stretch from South Pointe Drive north to the 24th Street, and the Atlantic Ocean west to Biscayne Bay. The market is comprised of the Oceanside, Art Deco District, and Bayside areas, according to the Condo Vultures® Official Condo Buyers Guide To South Beach™.
The highest priced foreclosure judgment slated for auction is against a high-floor condo with nearly 1,300-square-feet in ultra-luxury Setai project on 20th Street in Miami Beach.
Lender Bank of America has a final judgment for nearly $2.5 million against the Setai unit, according to Miami-Dade County records.
The next two highest priced foreclosure judgments are against high floor units in the Bentley Bay condo complex on West Avenue in South Beach.
Lender JP Morgan Chase Bank is owed nearly $1.5 million for the nearly 2,000-square-foot unit on the 14th floor. Lender U.S. Bank is owed nearly $1.05 million for a nearly 2,000-square-foot unit on the 16th floor of the project, according to the records.
Rounding out the top five highest priced foreclosure auctions scheduled for the next 30 days are a more than $950,000 judgment against a unit in the Bentley Beach condo on Ocean Drive and a nearly $673,000 judgment against a high floor unit in the Floridian condominium on West Avenue.
On a project-by-project basis, the oceanfront Roney Palace condominium on Collins Avenue has five units scheduled for auction in the next month, according to government records.
A trio of separate projects - Bentley Bay, Cosmopolitan Residences, and the Floridian – each have three units scheduled to be auctioned in the next 30 days, according to the government records.
The Waverly on South Beach and the Flamingo South Beach (lower left photo) projects each have two units scheduled for auction, according to government records.
In the first three weeks of 2012, there have already been 60 condos in South Beach auctioned off in an attempt to resolve nearly $12.1 million in final judgments of foreclosure.
An additional 27 condo units were slated for auction but the dates have since been canceled, according to government records.
The scheduled auction of four dozen South Beach units comes at a time when distressed condos represent 15 percent of the available condo inventory in the internationally known neighborhood of Miami Beach as of Jan. 24, 2012, according to an analysis by the licensed Florida real estate brokerage Condo Vultures® Realty LLC.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
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