Florida has most foreclosures
Florida had the nation’s highest inventory of homes currently in foreclosure in the first quarter of 2011, according to a report released this week by the Mortgage Bankers Association. About 14.4 percent of Florida homes with a mortgage were in some stage of foreclosure in the first quarter, compared to the national rate of 4.5 percent. Additionally, 4.6 percent of Florida mortgages were at least 90 days past due. The percentage of Florida loans that entered the foreclosure process in the first quarter was 1.8 percent, second only to Nevada, at 2.3 percent. (Source : Miami Hearld)
Now is the time to buy so don’t let the boat pass you buy. In many desirable Miami high-rise condominiums the best distress deals sold in 2009-2010. There are still opportunities to buy one bedrooms previously $400,000 now for $200,000 or two bedrooms previously $600,000 now $350,000 is many desirable high rises such as One Miami, Marina Blue and Ten Museum Park.
Many foreclosures sell to all cash investors so developer closeouts are also a great option.
Developer closeouts are typically in Category B to A+ properties and you can expect discounts from 25-50% off the original pricing. Many of those properties are Fannie Mae approved so you can go to your local bank for financing. In the ultra luxury category you have one bedrooms previously $600,000 now $400,000 in CLASS A properties such as EPIC MIAMI and ICON BRICKELL.
You can also call Jordan Millman, Broker/Owner of West Avenue Realty at 305-926-2166 for immediate assistance.