The number of low-priced distressed homes for sale in the condo sector of Miami could spike further after three lenders took back a total of 1,906 newly-built unoccupied condo units over the past few weeks.
One of these distressed condo buildings is the two-tower Terrazas Riverpark Village in the western part of Miami, which was taken back by lender iStar Financial. These towers, located near the Florida Marlins ballpark, were voluntarily surrendered by developer Windmoor Project to the bank through a deed in lieu of foreclosure filed in Miami-Dade.
This deed added all the 324 units to the total number of distressed homes for sale in Miami as Windmoor was not able to sell even just one unit.
Another property that could be explored by buyers interested in Miami pre foreclosures is the two-tower condo complex Everglades on the Bay, which was voluntarily given back by bankrupt developer Cabi Downtown to a group of lenders led by Bank of America. Out of the total 849 units, only 137 units were sold, leaving a total of 712 units for the mortgage lenders to take back.
People looking for pre foreclosure homes in Florida can also consider looking at units in two of the three condo buildings in downtown Icon Brickell. These two condo towers have been deeded in lieu of foreclosure by the developer to a company owned by lender HSBC Bank USA.
A total of 870 units were taken back by HSBC as part of the agreement for the payment of a $342 million loan.
The problems of the condo sector can be traced back to the overbuilding that happened throughout Florida during the housing boom. People planning to find foreclosure homes for sale in the state can find units in the condo sector as more than 22,000 condo units have been constructed since 2003 and many of them are still unsold or still in listings of distressed homes for sale.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.