The Miami Herald reported this week that Miami is tops in the nation in foreclosures nearly double the National average. Not a surprise. Real estate sales listings in Miami Dade County now routinely list foreclosure sales, sometimes they make up most of the sales in neighborhoods. Prior to the last couple of months, foreclosure sales listings were few and far between. Lenders are finally selling their properties off at losses, some less than 50% of their previous selling price. This condo is a case in point: It sold for about 40% of its previous sales price. The building is called the “Loft Downtown” and it is located at 234 NE 3 Street. The unit shows ownership by Deutsche Bank National Trust Co. Trs. The condo is on the 3rd Floor and it is a 1/1 with 784 square feet. It previously sold for $248,000 in 2006. It sold recently for $97,900. The owner listed in the sale is: GSAMP Trust 2006-Nc2 (Deutsche is on the Property Appraiser Website).
A bit about the neighborhood:
This condo is in the heart of downtown Miami in a district that is hoping for a renaissance because of the waterfront amenities in the area. Because of this potential for rebirth, approximately 14,000 units are being added to downtown, perhaps creating a condo glut. Oddly, hardly anyone lived in this area prior to 2002. Miami’s downtown is bustling with workers during the day but devoid of pedestrians and amenities (restaurants, grocery stores, etc.) at night. It is slowly starting to change -- a Cultural Arts Center has been built -- but the area is mostly populated by tourists and homeless Miamians at night. Brickell (a few blocks further South is now a hotspot) so the gentrification is creeping in. I feel safe walking in the area at night but some don't. I would live downtown -- I lived in Manhattan so I am fond of grit.
Deutsche Bank owns a second condo in this building on the 14th Floor. It is 738 square feet (1/1) and it previously sold for $270,000 12/2005. I assume this one has a better view.
To give you an idea of the property, I am including different views with this blog (hit on images to enlarge them). Bayside Marketplace (shown in Aerial) is on the waterfront so you can see the proximity to water views, two parks and a Baywalk. Last photo: looking down block - you can see the building position by locating the parked white truck shown in top photo.
Also See: Fannie Mae and Freddie Mac Taxpayer Bailout: will Obama or McCain tell the truth? by gimleteye
7 comments:
I remember talking to a homeowner in the midst of the boom.
"IT'LL NEVER END! LAND IS RUNNING OUT! LATIN AMERICANS ARE BUYING HERE!"
We love to delude ourselves...
784 square feet!!
That's not a home, that's a shed!
Wonder if it comes with a parking spot?
I lived comfortably in a 750 square foot cottage.
It's a condo. I live nearby in a building people are probably scared of. The irony is the mortgage payment on these posh condos is less than the rent you'd pay in the places they're trying to get rid of! Hopefully this leads to a working class revitalization of downtown. How great would it be if the "professionals" got pushed out by working families in Miami!
California Beachfront Homes are at
$1000 to $4000 per square foot!
20 miles inland from the ocean, you can buy a 1-3 year new home for under $100 a foot!
Only in America you can get such a difference in price via 30 minute drive!
Bottom of the market 2012-2014
Only 40%? That's not enough of a markdown! Here's a Hollywood, Fl beach condo with 500 units, all initially bought during 2005 mostly by investors and now over 50% rented out. Now averages 85 units for sale each day, some over 50% less than previous sale price, many pre-foreclosures, already foreclosed and owners desperate before starting the foreclosure process. I've researched, another 50 units just received Lis Pendens in the last 2 months, the legal start of foreclosure. One unit, was advertised at $225,000 by the previous owner, now at $156,000 bank owned through the new REO. No rush to buy here in S. Florida!
http://broward.expertrealty.com/hollywood/the-residences-of-holllywood-real-estate
Ever heard of the expression "your eyes are bigger than your stomach"? That expression refers to hunger, but I think it fits nicely with miami's foreclosure issue. When the housing boom was at its peak it made you wonder where all these "latins" (as the plant man said) got all this money from. Well. they didn't have it. They had a problem. Not only did they need to keep up with the Jones' they had to surpass them. There's your foreclosure problem. You cannot pay for a 500,000+ house with a 50,000 income. Which all these financial woes makes it good for me, cause I never thought I'd be able to buy on my income and now I have the priviledge of releving a bank of one of their foreclosed properties. THANK YOU LATIN AMERICANS!!!
P.S. I had the priviledge of working in real estate and seeing this first hand.
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