In a sign that just about everyone is being hit hard by the economic downturn, a new report shows 33 luxury properties have been, or are on the verge of being, repossessed. The homes, valued at $1 million to $5 million, include 14 luxury condominiums and 19 single-family estates on or near the water in Miami-Dade, Broward and Palm Beach counties, according to a new report from Condo Vultures. Most of the distressed properties are in Miami (11), Miami Beach (8), Hollywood (4) and Coral Gables (3). Aventura, Boca Raton, Coconut Grove, Fisher Island, Fort Lauderdale, Hallandale Beach and Sunny Isles Beach each have one distressed property priced at $1 million or more that is in foreclosure or already owned by the bank, according to the report. “There are about 109,000 residences for sale in South Florida today, and 8,100, or 7 percent, of these residences are priced at $1 million or more,” said Peter Zalewski, a principal with Condo Vultures. “Statistically, to have 33 luxury properties in trouble from a pool of 8,100 residences is not dramatic. Still, it is bit surprising that 33 luxury properties have been or are on the verge of being repossessed.” Condo Vultures, which tracks properties east of Interstate 95 in Miami-Dade, Broward and Palm Beach counties, found 1,706 properties in foreclosure or owned by the bank. Most are priced at $300,000 or less. However, the database shows there are 251 properties priced between $301,000 and $500,000 and 190 priced between $501,000 and $999,000. The lowest price for a foreclosure in the database is $24,900, and the highest price is $4.3 million.
Please click on the link below to read the complete South Florida Business Journal article:
http://www.bizjournals.com/southflorida/stories/2008/10/27/daily3.html?f=et81&ana=e_du
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