Ranking Of Top 10 Priciest Condo Shortsales In South Florida In 2012

MIAMI, FL -- Buyers achieved an average discount of 26 percent off of the original asking price for South Florida's 10 priciest condo shortsales to transact in Miami-Dade, Broward, and Palm Beach counties in the year 2012, according to a new report from CondoVultures.com. 

Between January and December of 2012, buyers - in unrelated transactions - paid a combined $14.9 million - an average of nearly $475 per square foot - for the 10 priciest condo shortsales scattered around South Florida in the areas of Aventura, Greater Downtown Miami, Miami Beach, and Miami's Coconut Grove in Miami-Dade County; the city of Fort Lauderdale in Broward County; and the town of Palm Beach in Palm Beach County, according to an analysis by the licensed Florida brokerage CVR Realty™. 

Prior to the transactions, these condo units were originally put on the resale market for a combined $20.1 million for an average of more than $635 per square foot, according to an analysis based on Florida Realtors association data. 

This is a ranking of South Florida's 10 priciest condo shortsales - with a minimum asking price of $1.2 million - between January and December of 2012: 

RANK	PROJECT	LOCATION	BEDS	PRICE	Discount
1	Murano Grande	South Beach	4	$2,800,000	-14%
2	Four Seasons Residences	Greater Downtown Miami	3	$1,750,000	-8%
3	Bath Club	Miami Beach	4	$1,506,000	-43%
4	Palm Beach Biltmore	Palm Beach	3	$1,500,000	-48%
5	2100 Condo At Sloan's Curve	Palm Beach	3	$1,300,000	-31%
6	Three Tequesta Point	Greater Downtown Miami	4	$1,280,794	-15%
7	Sunset Harbour	South Beach	3	$1,250,000	0%
8	Grovenor House	Miami (Coconut Grove)	3	$1,231,800	0%
9	Porto Vita	Aventura	4	$1,190,000	-21%
10	Harbourage Place	Fort Lauderdale	3	$1,100,000	-46%

As of Jan. 3, 2013, about seven condo shortsales are under contract waiting to transaction with a minimum asking price of $1.2 million, according to the data. 

Another seven condo shortsales are actively available on the resale market in South Florida with a minimum asking price of $1.2 million, according to the data. 

Overall, buyers purchased 13 percent fewer condo shortsales in South Florida in 2012 on a year-over-year basis compared to the same January through December period in 2011, according to a new CondoVultures.com report. 

As the number of South Florida condo shortsales decreased, the median price for a distressed unit also decreased in the year 2012. 

It is unclear what impact the newly signed $25 billion National Mortgage Settlement Agreement reached in February 2012 between the federal and state governments with the nation’s five largest services could have on condo shortsales in South Florida going forward in 2012.
The settlement incentivizes the mortgage services to consider various options – including principal reductions, mortgage modifications, and shortsales - before filing to foreclose on borrowers who owe more than their residences are worth currently, according to the agreement.

The completed resales do not reflect any deals that may have transacted without being marketed on the Southeast Florida MLXchange.

CondoVultures.com is scheduled to profile of condo trends in the fourth quarter of 2012 in the seven largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of Jan. 14, 2013.   

The Condo Vultures® Market Intelligence Report™ is scheduled to publish a seven-part weekly series that analyzed the markets of 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.

Palm Beach, FL Skyline

As of Nov. 5, 2012, less than 2,900 new condo units remain unsold from a supply of nearly 49,000 units created since 2003 in South Florida’s seven largest coastal markets of 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, according to a recent CondoVultures.com report.

The total number of unsold new condos does not include any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium, according to the Condo Vultures® Bulk Deals Database™.

For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.