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Ranking Of Top 10 Priciest Condo Shortsales In South Florida In 2012
Ranking Of Top 10 Priciest Condo Shortsales In South Florida In 2012
Published on 1/3/2013 4:37:45 PM

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Buyers achieved an average discount of 26 percent off of the original asking price for South Florida's 10 priciest condo shortsales to transact in Miami-DadeBroward, and Palm Beach counties in the year 2012, according to a new report from CondoVultures.com

Between January and December of 2012, buyers - in unrelated transactions - paid a combined $14.9 million - an average of nearly $475 per square foot - for the 10 priciest condo shortsales scattered around South Florida in the areas of AventuraGreater Downtown MiamiMiami Beach, and Miami's Coconut Grove in Miami-Dade County; the city of Fort Lauderdale in Broward County; and the town of Palm Beach in Palm Beach County, according to an analysis by the licensed Florida brokerage CVR Realty™

Prior to the transactions, these condo units were originally put on the resale market for a combined $20.1 million for an average of more than $635 per square foot, according to an analysis based on Florida Realtors association data. 

This is a ranking of South Florida's 10 priciest condo shortsales - with a minimum asking price of $1.2 million - between January and December of 2012: 

 RANK   PROJECT   LOCATION   BEDS   PRICE   DISCOUNT 
 1   Murano Grande   South Beach  4   $2,800,000   -14% 
 2   Four Seasons Residences
 Greater Downtown Miami   3   $1,750,000   -8% 
 3   Bath Club   Miami Beach   4   $1,506,000   -43% 
 4    Palm Beach Biltmore   Palm Beach   3   $1,500,000   -48% 
 5   2100 Condo At Sloan's Curve   Palm Beach   3   $1,300,000   -31% 
 6   Three Tequesta Point   Greater Downtown Miami   4   $1,280,794   -15% 
 7   Sunset Harbour   South Beach   3   $1,250,000    0% 
 8    Grovenor House
 Miami (Coconut Grove)   3   $1,231,800    0% 
 9   Porto Vita   Aventura   4   $1,190,000   -21% 
 10  Harbourage Place
 Fort Lauderdale   3   $1,100,000   -46% 

As of Jan. 3, 2013, about seven condo shortsales are under contract waiting to transaction with a minimum asking price of $1.2 million, according to the data. 

Another seven condo shortsales are actively available on the resale market in South Florida with a minimum asking price of $1.2 million, according to the data. 

Overall, buyers purchased 13 percent fewer condo shortsales in South Florida in 2012 on a year-over-year basis compared to the same January through December period in 2011, according to a new CondoVultures.com report

As the number of South Florida condo shortsales decreased, the median price for a distressed unit also decreased in the year 2012. 

It is unclear what impact the newly signed $25 billion National Mortgage Settlement Agreement reached in February 2012 between the federal and state governments with the nation’s five largest services could have on condo shortsales in South Florida going forward in 2012. 

The settlement incentivizes the mortgage servicers to consider various options – including principal reductions, mortgage modifications, and shortsales - before filing to foreclose on borrowers who owe more than their residences are worth currently, according to the agreement.

The completed resales do not reflect any deals that may have transacted without being marketed on the Southeast Florida MLXchange.

CondoVultures.com is scheduled to profile condo trends in the fourth quarter of 2012 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of Jan. 14, 2013.

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 2013. Condo Vultures® LLC. All Rights Reserved.  


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