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2 Miami Beach Mansions Scheduled For Foreclosure Auction In Next 15 Days
2 Miami Beach Mansions Scheduled For Foreclosure Auction In Next 15 Days
Published on 6/11/2012 5:04:59 PM

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A pair of waterfront Miami Beach mansions - one located on the ultra-exclusive Star Island and the other on the wealthy Venetian Islands just west of the famous South Beach condo market – is scheduled to be auctioned off in the upcoming two weeks, according to a new report from CondoVultures.com

The foreclosure court auctions of the mansions fronting Biscayne Bay have been ordered to resolve a combined $18 million in “final judgment of foreclosure” against the unrelated borrowers, according to Miami-Dade County records.

On June 25, 2012, an eight-bedroom estate on a nearly 48,300-square-foot lot on Star Island is scheduled to be auctioned off to settle a more than $12.5 million order – $10 million of which is principal - signed by Miami-Dade Circuit Court  Judge Jerald Bagley on March 27, 2012, according to government records.

Built in 1925, the property has a 2011 “market value” of nearly $6.7 million, according to the Miami-Dade Property Appraiser's office. 

Less than a week later on June 29, 2012, a six-bedroom mansion on a 15,000-square-foot lot on Biscayne Island is scheduled to be auctioned off to settle a more than $5.5 million order – $4.4 million of which is principal - signed by Miami-Dade Circuit Court Judge David C. Miller on May 25, 2012. 

Built in 1941, the property has a 2011 “market value” of nearly $2.9 million, according to Miami-Dade County Property Appraiser’s office.

The upcoming auctions for the Miami Beach mansions come at a time when various all-cash investors and private equity funds are searching for deals just as some South Florida housing submarkets experience signs of improvement, industry watchers said.   

As of June 12, 2012, there are 10 shortsales - and no bank-owned houses - on the resale market in Miami Beach with an average asking price of $1.26 million, with individual asking prices ranging from $230,00 to $4.5 million, according to the licensed Florida brokerage CVR Realty™

In addition to the distressed properties, an additional 250 Miami Beach houses are on the resale market at an average asking price of $4.8 million, with individual asking prices ranging from $275,000 and $125 million for the former Gianni Versace mansion on Ocean Drive, according to Florida Realtors association data.  

In the first five months of 2012, buyers in Miami Beach acquired more than 10 bank-owned houses at an average price of nearly $300,000 and less than 15 shortsale houses at an average price of nearly $725,000, according to the data. 

In the same January through May span of 2012, buyers acquired an additional 100 Miami Beach houses that were not marketed as distressed for an average price of $2.16 million, according to the 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.  

The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.  

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.

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™.

© Copyright 2012. Condo Vultures® LLC. All Rights Reserved.   


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