Here are the results of a search of Property Appraiser's records on a dozen September foreclosures from all over Miami Dade County:
1. 4230 SW 134 AVENUE MIAMI – Still owned By Avelo Martgage, LLC. 2. 4612 SW 143RD COURT, MIAMI – Sold 8/2007 for $280,000. The new buyer already has a Lis Pendens of foreclosure from Citimortage, Inc., filed March 27, 2008.
3. 14340 SOUTHWEST 23RD LANE, MIAMI – Same ownership, even though there was a final judgment of foreclosure for $324,612.06 on 8/07. There is no indication that the loan was satisfied.
4. 435 SW 133 AVENUE, MIAMI – Still owned by Novastar Mortgage (half million dollar property).
5. 2510 NW 152 ST MIAMI GARDENS, FL 33054 – Showing same owner. A bankruptcy was filed by the owner 9/27 against Avelo Mortgage even though there was a foreclosure final judgement dated 7/18, recorded in September.
6. 2151 SW 16 STREET, MIAMI – Still owned by Federal Home Loan Mortgage Corp.
7. 30121 SW 151ST AVE, HOMESTEAD – Sold 2/2008 for $107,500. The last owner paid $290,000 9/2006. That is a heavy loss.
8. 20229 SW 124TH AVENUE, MIAMI – This home of almost 2,000 sf, Sold 3/2008 for $221,500. The previous owner paid $266,000 6/2005.
9. 9711 SW 30TH ST., MIAMI – Still owned by Fremont Investment & Loan. Sad, the owner that was foreclosed on had a senior exemption.
10. 367 NW 4TH ST., FLORIDA CITY - Still owned by U.S. Bank National Association.
11. 16658 SW 79TH TERR, MIAMI – Still owned by Residential Funding Company, LLC.
12. 15850-52 NW 38TH PLACE, MIAMI – Owned by C & N Trust.
We have had 16,246 mortgage foreclosures in the first 4 months of this year. If things go at this same pace we might be facing 48,000 foreclosures by the end of this year. Can lenders afford to keep holding them?
7 comments:
It could be that the owners/tenants trash the place badly before they are forced to leave. In my neighborhood a house was left unlocked, full of old pieces of furniture, the doors stolen, feces in the closets, and other disgusting things. The lender holding the bag cannot sell the property in that condition nor undertake the expensive repairs to restore it.
Real estate is just real real slow right now - prices went nuts - it's just a correction
How does one find forclosure lists?
It seems to me the relevant point here is that the banks are still holding much, much bloated inventory at the imaginary appraisal prices, and that when they are forced by regulators to mark the inventory to market, there are going to be bank failures.
Anyone care to comment?
Foreclosure lists: http://www.miami-dadeclerk.com/MortgageForeclosures/default.aspx
No comment. I'm too scared of the answer.
The Truth Behind Florida's Housing Numbers
May 28, 2008 WSJ
By Brett Arends
Miami, Fla. --Take the latest data on the housing market crash with a huge dose of salt.
I have just finished a week-long tour of the real estate market down here, one of the worst hit parts of the country. And one of the few things I can say with complete certainty is that nobody down there knows where "the market" overall really is. In a crash like this one, talk about "average" home prices is almost meaningless.
But if you have wanted a vacation or retirement home in Florida and you have been waiting for prices to come down, this really is the time to start looking.
The market is in chaos. Some owners are still trying to sell homes for near peak prices. Others have slashed them by 50% or more. There are some amazing discounts around. You can find properties selling for prices last seen in the late 1990s.
According to the latest Standard & Poor's/Case-Schiller report, Miami home prices have fallen about 25% from the peak levels of 2005-2006.
Tell that to the owner of a three bedroom luxury condo in the new "Aqua" development on Miami Beach. He bought his home for $1.8 million in October 2005. It's now on the market in a distressed sale… for $900,000.
"And you may be able to get it for a little less," says broker Oliver Davis of Esslinger Wooten Maxwell in Miami Beach.
A little further up the coast, in Fort Lauderdale, a stunning two-bedroom condo overlooking the beach is on the market – in another distressed sale – for $749,000. And again, you might be able to get it for less. Based on sales prices for similar units, local broker Rob Rose of Rose & Co. Realty says it would have fetched nearly $2 million at the peak.
Even in super-exclusive Palm Beach, veteran local agent Douglas Rill of Century 21 America's Choice showed me a condo that has been slashed in price in just one year to $2.5 million from $3.3 million and still hasn't found a buyer.
The official data shows a glut of homes on both coasts of Florida. The reality? In parts of western Florida, whole swathes of new homes may actually be valueless. Literally, they may have no value: No one would pay to live there. They were built in the boondocks next to a planned golf course that never materialized. The only buyers were speculators who since have walked away from their deposits. Now the homes sit empty and isolated and they are gradually – or not so gradually – falling into disrepair.
I hate to imagine which banks are still carrying them on their books, and at what value.
In places like downtown Naples or Miami Beach, every reasonable unit is going to find an occupant sooner or later. But at what price? Some new buildings have actually seen rises in the past few months. Meanwhile, other buildings nearby have a glut of inventory and distressed sales.
Hard data is often difficult to pin down. I've seen developers offering unsold units at $525,000 while identical ones are being offered by failed speculators for $350,000. "Oh, those are resales," said the sales agent. "I don't know anything about that." In the Floridian, a development in Miami Beach, a two-bedroom unit with simply extraordinary views from a wraparound balcony is being offered at $550,000. A few floors above, a unit that seemed nearly as good to my eyes is being sold – in a distressed sale – for just $369,000.
You tell me where the market is.
Talk to real estate brokers down in Florida, and one of the things you realize quickly is that a lot of the bad news still hasn't made it to Wall Street. Plenty of distressed units are still sitting on the market because a banker somewhere refused to approve a sale… to the only offer on the table.
Even inventory figures are misleading. A lot of owners have temporarily withdrawn their units from sale and are hoping to rent them out for a while instead. "We have filled 500 of our 700 units," the concierge of a new building in Miami told me proudly. Then he added, "Of course, most of those are just rentals."
But as I wrote last week, few of these rents will cover the owners' costs. That suggests those units will, sooner or later, find their way onto the sales market instead.
Oh, and in Miami, when they show you a condo, you can step out on the balcony and see… workmen still finishing yet more developments nearby.
A widespread assumption is that once prices finish collapsing, they will rebound again sharply – a so-called V-shaped recovery. But it is just as likely we will see a saucer-shaped recovery instead. In many areas, especially along the East Coast, from Miami to West Palm Beach, there is a huge overhang of property to be sold. That may keep prices discounted for a long time. How can you raise the price of your condo when 100 of your neighbors are eager to sell at the first sign of recovery?
So it's a good time to bargain hunt for a vacation home in Florida, but there may be no need to rush.
Post a Comment