There Are Some Really Profitable Opportunities For Investors In Buying Miami Foreclosures And Miami Investment Property !
There are lots of opportunity in buying Miami foreclosures and Miami investment property. Recently we have been getting a lot of calls and emails from our readers who have been finding out about the many deals on homes and condos in the Miami area.
The median price for a property in Miami is now just $155,000.00 which represents a whopping 22.5% drop from the preceding year and almost 47% from 2007. So I think you can assume that there are some pretty good deals out there.
The prices in Miami have steadily declined over the last 24 months. However, don’t expect them to continue to decline much longer as with these unheard of prices, a lot of savvy investors are getting in and taking down some pretty good deals.
For pre-owned condos, the median price in December was $105,000, same as the price in November but marked a 24-percent decrease from December 2008 and down by 55 percent from the $219,000 peak median price in July 2006. The lowest median for resale condos – $99,000 – was posted in September last year.
The median price for single-family homes increased slightly to $188,000 from the $184,000 median in November, but marked a 14.5-percent drop from December 2008 and a 44-percent drop from the $340,000 peak price in June 2007.
The low prices of distressed real estate properties pulled down the median prices and pushed the sales volume for houses priced between $50,000 and $150,000 by a stunning 99 percent compared to December 2008. Sales volume for this price range accounted for 48 percent of all house sales in December, a jump of 34 percent from the December 2008 percentage and an increase of 15 percent from the percentage in December 2007.
This year, investors can still find bank foreclosed homes at affordable prices because the pace of Miami foreclosures and tax deed sales continue to rise.
In 2009, the Miami-Dade metro area had 7.2 percent of all its households or a total of 172,894 homes put into the foreclosure process, marking a jump of 44 percent from filings in 2008 and an increase of 198 percent from filings in 2007.
In Florida, the foreclosure pace stepped up in 2009 by 34 percent from 2008, with a total of 516,711 mortgage borrowers given delinquency and foreclosure notices. This figure represented almost six percent of all homeowners in the state. Just like in other states, unemployment is the major cause of continued foreclosures. In December last year, the unemployment rate in Florida hit 11.8 percent, up from the November rate of 11.5 percent.
With the continued rise in defaults and foreclosures in Florida and with the continued popularity of Florida as a destination state for tourists and second-home owners, people have more reasons to find bank owned homes in Florida and invest in them.
In that regard many investors are looking at South Florida and in particular they are looking at Miami foreclosures, and Fort Lauderdale foreclosures.
If you’d like information on investment property in either of those areas then sign up below for our alerts on the most profitable properties to hit the market, as soon as they hit the market.
Over 1200 Fixed Miami Foreclosures for Low Income Families International Business Times, on Thu, 28 Jan 2010 09:07:12 -0800 By John Cutts | 28 January 2010 @ 10:44 am EDT Over 1200 Miami foreclosures will be purchased, rehabilitated and rented out or sold to lower-income families …
Housing Transactions Up, Prices Low in Miami says MDA DataQuick Housing Wire, on Wed, 10 Feb 2010 17:05:23 -0800 In December, 8259 new and resale houses and condos were sold in the three-county Miami market. That’s an increase of 19.1% from November and an increase of …
Miami Foreclosures are an excellent deal and have uncomplicated procedure of … International Business Times, on Mon, 25 Jan 2010 09:20:14 -0800 By Iwona Filetti | 25 January 2010 @ 10:53 am EDT Miami foreclosures are the excellent deal to buy, if one is contemplating on buying a home for the first …
FAR: Home, condo sales up across South Florida Bizjournals.com, on Thu, 11 Feb 2010 13:05:40 -0800 Miami condo sales rose 68 percent, to 2022 from 1203. The median sales price for an existing condo fell 21 percent, to $145400 from $183700. …
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