Foreclosure Data in Miami and Coral Gables Condos

posted on January 16th, 2010 filed under: Real Estate News

Condo buyers in Miami and Coral Gables need to be sure they understand the building’s financial situation.  If there are a lot of owners in default on loan obligations, that can mean nonpayment of condo fees, leaving others in the building to make up the difference.  (Sure, the condo association can put a lien on the unit, but if the owner is deep underwater on a mortgage, the bank(s) will probably take the entire proceeds of any forced sale.)

Why do some condo buildings in Miami and Coral Gables have so many foreclosures while others do not?  The best explanation is usually the year of construction.  Anything built between about 2004 and 2007 was by definition sold at the top of the market.  Everyone bought at once, and everyone lost.

A few examples, showing year built and the number of property records reflecting some stage of foreclosure (based on current foreclosure-tracking data):

10 Aragon, Coral Gables.

  • Condo built in 2004
  • 30 of 186 condo units in some stage of foreclosure
  • 4 bank-owned sales already occurred

Compare that with:

Gables Plaza, 625 Biltmore Way, Coral Gables.

  • Condo built in 1969
  • 2 of 90 condo units in some stage of foreclosure
  • No bank-owned sales

Or how about:

Jade, 1331 Brickell Bay Drive, Miami.

  • Condo built in 2004
  • 58 out of 341 condo units in some stage of foreclosure
  • 48 bank-owned sales already occurred

Compare that with:

Brickell Bay Tower, 1408 Brickell Bay Drive, Miami.

  • Condo built in 1964
  • 5 out of 160 condo units in some stage of foreclosure
  • 2 bank-owned sales already occurred

This doesn’t mean that every condo built in Miami and Coral Gables between 2004 and 2007 is in bad shape.  An example of a building that has remained stable:

100 Andalusia, Coral Gables.

  • Condo built in 2004
  • 3 out of 96 condo units in some stage of foreclosure
  • No bank-owned sales

Bottom line:  If you’re thinking of buying a condo in Miami or Coral Gables, get all the facts necessary to make a well-informed decision.

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posted by // This entry was posted on Saturday, January 16th, 2010 at 11:45 am and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed.

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