Foreclosed properties in some developments are selling well

An article in the the Miami Herald earlier this week noted that for some condominium developments in Dade county, apartment sales are doing very well. The article is based on findings by the website CondoReports.com, which compiles reports about various condo buildings throughout the Miami-Dade area.

CondoReports.com has established that seven of the developments that suffered most from foreclosures in 2008 are now in the top ten for list for best selling projects in the first three months of 2009. (These are only for developments built prior to 2008.)

Some of the top-selling developments included in this finding are in locations and areas that - although not bad at all - may not exactly be considered the most desirable or glamorous. They include Mandarin Lakes in south Dade and the Shoma at Keys Cove development (the top seller in the list) in Homestead. Some properties in buildings in the downtown Brickell area - that had previously seen a high number of foreclosed apartments - are also top sellers.

Of course, the major reason for these developments currently selling so well is the low, low prices that the properties are listed at. Foreclosed properties become owned by banks, who are generally keen to offload them as quickly as possible. The average price of sales at the aforementioned Shoma at Keys Cove development was a very low $38,060, although average sale prices at other projects were considerably higher.

Article: Homes in foreclosure-ridden Miami-Dade projects are top sellers (Miami Herald, 2nd June 2009)