Foreclosures In Florida Breaking Records

It is a veritable foreclosure race that is going across the country. South Florida ranks second. Here the maximum amounts of foreclosure concentrations are in the Brickell condos. Condo Vultures are a consultancy firm ready to help buyers. According to them three condominium towers in Brickell have 54 foreclosures to their credit. The Club at Brickell Bay on 1200 Brickell Bay Drive records the highest foreclosures in Miami-Dade and Broward counties. Next in position is The Vue at Brickell on 1250S Miami Avenue followed by The Jade at Brickell Bay on 1331 Brickell Bay Drive. Of the top 10 building in South Florida these three towers account for 37% of all the foreclosures listed. It totals to loans worth $113 million being owed to lenders and condo associations.

12,000 more units are ready to be foreclosed in the near future. It is expected that the adjacent Downtown Miami are will be buzzing with buyers ready to snap up a bargain. Usually the parties pressing the foreclosure buy the property for the amount due to them. There is the possibility of outsiders also biding to buy for more than that amount.

Oceanview, Parc Central Aventura and Mirador have 41, 34 and 27 units sitting on some stage or the other of foreclosure. These three account for $34 million debts. Condo Vulture figures for the past one year till date show that 8,533 properties in Miami-Dade are valued at $2.37 billion.

Often multiple foreclosure action is reported on one property. This pressure on the condo association is passed to the owners of the units as higher assessments. According to condo laws the foreclosing lender is not supposed to be given assessments for more than six months or 1% of the loans – whichever is less. The other condo owners are then again assessed for the shortfall and this puts a lot of pressure on owners who are already struggling to keep up with maintenance expenses.

The ratio here is one foreclosure is filed for every 248 houses. Nevada ranked first during September. The national ratio is one foreclosure listed for every 557 units.

Florida recorded 33,354 foreclosures in September. It was a slight improvement over August – going down by less then 2%. But that is small consolation considering that it is a triple jump compared to the figures in the previous year during the same month.

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