28 Sunny Isles Beach Condos Scheduled For Auction In Next 30 Days Published on 1/31/2012 6:42:00 PM
Nearly 30 Sunny Isles Beach condo units in a variety of well-recognized towers including the oceanfront Pinnacle, La Perla, M Resort Residences, and Oceania III projects are headed to court-ordered foreclosure auctions in the next 30 days, according to a new report from CondoVultures.com.
The 28 units are slated to be auctioned off in an attempt to resolve nearly $8.1 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 tricounty 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.
Sunny Isles Beach is defined as the stretch from the town of Golden Beach south to Haulover Beach Park, and the Atlantic Ocean west to the Intracoastal Waterway. The market is comprised of the areas of North, Central, and South, according to the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.
The highest priced foreclosure judgment slated for auction is against a high-floor condo with nearly 3,750-square-feet in the Pinnacle oceanfront tower on Collins Avenue in Sunny Isles Beach.
Lender Deutsche Bank National Trust Co. has a final judgment for more than $2.5 million against the Pinnacle unit, according to Miami-Dade County records.
The next highest priced foreclosure judgment is against a unit in the Oceania III condo complex on Collins Avenue in Sunny Isles Beach.
Lender Aurora Loan Services is owed nearly $1 million for the more than 2,000-square-foot unit on the seventh floor, according to Miami-Dade County records.
On a project-by-project basis, the Oceanview Building condo tower fronting the Intracoastal Waterway just west of Collins Avenue has seven units scheduled for auction in the next month, according to government records.
The neighboring Oceanview Building B condo tower - located just east of the Oceanview project on the west side of Collins Avenue - has four units scheduled to be auctioned in the next 30 days, according to the government records.
Auctions are scheduled for four units located in the Winston Towers complex on the west side of Collins Avenue in Sunny Isles Beach, according to government records.
In the first month of 2012, there have already been more than 30 properties auctioned in Sunny Isles Beach in an attempt to resolve nearly $6.7 million in final judgments of foreclosure.
An additional 22 Sunny Isles Beach properties were slated for auction but the dates have since been canceled, according to government records.
The upcoming auction of the Sunny Isles Beach units comes at a time when distressed condos represent five percent of the available condo inventory as of Feb. 1, 2012, according to an analysis by the licensed Florida real estate brokerage Condo Vultures® Realty LLC.
Of the nearly 700 Sunny Isles Beach condos available for resale, less than 40 units are being marketed as shortsales or bank-owned properties, according to the analysis based on the Florida Realtors association data.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
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.
Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™, Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™, Official Condo Buyers Guide to Hollywood / Hallandale Beach™, Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
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