2 Condos On Miami's Exclusive Fisher Island Head To Foreclosure Auction Published on 1/8/2013 8:07:00 PM 
Fisher Island, a wealthy enclave just south of the barrier island city of Miami Beach, has had more than 30 condo units sold - or repossessed - at court-ordered foreclosure auctions in the last three years and indications are the process is poised to continue in 2013, according to a new report from CondoVultures.com.
In the first 45 days of 2013, a pair of units on Fisher Island are scheduled to be auctioned off following final judgment orders in the amount of a combined $3.85 million against the two condos - controlled by different owners - in the Bayside Village project, according to Miami-Dade County records.
The upcoming court-ordered foreclosure auctions come after eight units on Fisher Island were sold off as part of nearly $10.2 million in final judgment orders in 2012. A year earlier in 2011, nine units on Fisher Island were auctioned off as part of more than $12.5 million in final judgments, according to government records.
In 2010, there were 14 units on Fisher Island sold at auction as part of nearly $13 million in final judgments, according to the records.
As of Jan. 8, 2013, more than 80 Fisher Island units are on the resale market at a median asking price of about $1,010 per square foot, according to an analysis by the licensed Florida brokerage CVR Realty™.
Of the resale units available on Fisher Island, about five units are being offered as distressed - bank-owned or shortsale - at a median asking price of more than $700 per square foot, according to data from the Florida Realtors association.
In 2012, buyers purchased about 40 condo units at a price of more than $650 per square foot on Fisher Island. Of the total, nearly 10 units were sold as distressed at a median price of less than $400 per square foot, according to the data.
It is worth noting a bank-owned unit on Fisher Island traded on the resale market for $1.28 million, ranking as the sixth highest priced condo repossession to transact in South Florida in 2012, according to a new CondoVultures.com report.
In 2011, buyers purchased nearly 45 condo units at median price of nearly $695 per square foot on Fisher Island. Of that, about three units were sold as distressed at a median price of more than $450 per square foot.
In 2010, buyers purchased about 35 condo units on Fisher Island at a median price of nearly $575 per square foot with about five distressed units trading at a median price of about $535 per square foot, according to the data.
Overall, buyers purchased 32 percent fewer bank-owned condo resales 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 bank-owned condo resales, the median price for a bank-owned unit increased nine percent 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 bank-owned 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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