Miami Beach Distressed Property Report

Distressed Real Estate in Miami-Dade County

The chart above represents all distressed properties in Miami-Dade County, including Miami Beach. There are 10,219 homes for sale in a distressed state. There are more than 1,100 of them selling per month, and about 2,300 properties are being pended per month.

Distressed Real Estate in Miami Beach

Now the true picture is revealed. In ALL of Miami Beach, there are 700 distressed properties on the market for sale, with about 75 of those being sold per month. Since our season ends in June, the dip in pended sales makes sense.

Distressed Miami Beach Real Estate over $500,000

If you break it down even further, approximately 100 of the 700 units in Miami Beach that are in a distressed state are
$500,000 and over—that’s like nothing.

Miami Beach Distressed Real Estate

• 3,121 active listings in Miami Beach
• 700 or 22.4 percent are in a distressed state (bank-owned or short sale)
• 600 of those units are under $500k

September Real Estate Trends in MIAMI

Miami, FL Market Statistics and Real Estate Trends

 

 

Miami, FL September 1, 2012 - Miami's home resale inventories decreased slightly, with a 1 percent decrease since August 2012. Distressed properties such as foreclosures and short sales decreased as a percentage of the total market in September. The median listing price in Miami went up from August to September. There were a total of 224 price increases and 608 price decreases.

 

 

Median List Price

Inventory  

Price Changes  

 

Most Expensive House

3500 St Gaudens Rd, Miami - 10 Beds, 9&1/2 Baths, $22,000,000

Details

Reimagine, Reinvent or Restore this magnificent Mid-Century Miami Modern, 5-acre, 33-room, 26,981 adj SF Coconut Grove estate. Baymere, built by the DuPonts in 1964, boasts 600+/- feet of bayfront, private Harbor, cavernous Boat House, vast Pool, Patio & Terraces, Tennis Court, Guest House & more An unrivaled property w/ tremendous potential to revitalize or transform it as a Family Compound or subdivided Luxury Enclave of 7 homesites. Seeing is
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Least Expensive House

208 NW 84 St #208, Miami - 2 Beds, 1 Baths, $10,000

Details

Adorable 2 Bedroom Townhouse with Excellent Rental Potential. close to public transportation, 10 minutes to downtown, 15 minutes to beach and 5 minutes to Biscayne.Great Location and Awesome Price!!!! section 8 will pay up to $1100 per month! Agents must use attachments. Unit has mold and association is in litigation with water company. Price to be negotiated by bank. Must have proof of funds upwards of $30,000.00
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Highest Square Footage

3500 St Gaudens Rd, Miami - 10 Beds, 9&1/2 Baths, $22,000,000

Details

Reimagine, Reinvent or Restore this magnificent Mid-Century Miami Modern, 5-acre, 33-room, 26,981 adj SF Coconut Grove estate. Baymere, built by the DuPonts in 1964, boasts 600+/- feet of bayfront, private Harbor, cavernous Boat House, vast Pool, Patio & Terraces, Tennis Court, Guest House & more An unrivaled property w/ tremendous potential to revitalize or transform it as a Family Compound or subdivided Luxury Enclave of 7 homesites. Seeing is
Read More

Lowest Square Footage

208 NW 84 St #208, Miami - 2 Beds, 1 Baths, $10,000

Details

Adorable 2 Bedroom Townhouse with Excellent Rental Potential. close to public transportation, 10 minutes to downtown, 15 minutes to beach and 5 minutes to Biscayne.Great Location and Awesome Price!!!! section 8 will pay up to $1100 per month! Agents must use attachments. Unit has mold and association is in litigation with water company. Price to be negotiated by bank. Must have proof of funds upwards of $30,000.00

Bank of America expands short sale incentive to $30,000

By Times Staff
Times StaffTampa Bay Times

Expanding a program that began in Florida, Bank of America plans to entice more distressed homeowners across the county to sell houses in short sales by offering up to $30,000 in relocation money.
The bank tested the program in the fall in Florida, where more than 11,000 homeowners agreed to participate.
The new plan, announced Tuesday, will pay borrowers between $2,500 to $30,000 for moving expenses when a short sale is finalized. The bank expects the greatest response from customers in Florida, California, Nevada and Arizona — states hit hardest by the foreclosure crisis.
Florida homeowners who didn't enroll in the test program can now apply for the new plan.
The relocation money will be based on the home's value and mortgage amount. To be eligible, the short sale must be initiated by the end of this year and close by Sept. 26, 2013, the bank said.
The Florida-only program targeted 20,000 homeowners and paid between $5,000 and $20,000. The bank was also waiving the difference between the unpaid mortgage and amount of the short sale, which allowed homeowners to walk away without still owing the bank a big chunk of money.
Since October, Bank of America has rolled out multiple initiatives to speed up short sales and to prevent foreclosures. Last month, it announced plans to approve some short sales in less than 20 days.
The bank serviced 1.1 million Florida mortgages, of which about 253,000 were delinquent as of late last year.