Every real estate buyer today regardless of price range, comes to South Florida in search of a great deal. Inventories are at an all time high and prices are at breaking lows. But where are the real deals? Where are the buying opportunities?
Opportunities are appearing in Bank Owned properties, also known as REO’s. Currently, there are 78 bank owned properties along the coast of South Florida and a staggering 61 bank owned condos under contract. Once a property becomes Bank Owned, the process for purchasing is very straight forward. Although the process varies slightly depending on the bank, a standard Florida Real Estate contract is submitted and the turnaround time for a response is usually 24-48 hours.
Bank Owned properties are appearing in the finest South Florida Condos, such as The Bellini in Bal Harbour, The Setai, Jade Residences Sunny Isles, The Beach Club in Hallandale Beach, and in the Las Olas Beach Club in Fort Lauderdale, I have seen the offering prices on Bank Owned properties to be up to 25% below comparable closed prices. I have also seen Bank Owned units sell within days, with an auction like frenzy. The Beach Club condo that I referenced in a previous post sold in 5 days. The bank priced this property so low, there were multiple offers and I am going to guess that it sold above asking price.
I am currently working with many buyers looking for opportunities such as this and I watch this market very carefully. I will recommend that anyone that is interested in jumping into this market and taking advantage of these incredible opportunities, must be ready to move forward with their documentation. The bank will require verification of funds if it is a cash transaction. If there is financing involved, prequalification is recommended, although the bank may require their own process as well.
Here are some examples of recent Bank Owned Oceanfront condos in Miami and Fort Lauderdale:
Closed Sales
2372 Sq.Ft.
Asking Price: $906,000
Closing Price: $900,000
Days on the Market: 11
1529 Sq. Ft.
Asking Price $675,000
Closing Price $500,000
Days on the Market 9
1329 Sq. Ft.
Asking Price: $649,900
Closing Price: $649,900
Days on the market: 8
Pending Sales
3820 Sq.Ft.
Asking Price: $2,499,900
Prior Offered Prior To Bank Ownership: $3,500,000
Days on the Market: 75
2800 Sq.Ft.
Asking Price: $659,900
Price Paid in 2007: $1,100,000
Days on the Market: 3
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