Ranking Of Top 10 Priciest Condo Shortsales In South Florida In 2012 Published on 1/3/2013 4:37:45 PM
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-Dade, Broward, 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 Aventura, Greater Downtown Miami, Miami 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:
| 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.
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