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Miami Cheap Houses Making Buyers Happy, but not County

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By : John Cutts    99 or more times read
Miami cheap houses have been making a lot of buyers and investors happy, but they have been causing budget challenges for county administrators.

In Miami-Dade County, the values of all types of taxable properties have plunged by 13.4 percent due to bargain foreclosure prices. Homestead properties were the ones hardest hit by foreclosures, as the values of residential properties have fallen by a staggering 31.2 percent. It was only in Virginia Gardens where property values did not fall substantially.

Because of the significant effects of cheap foreclosure properties on values and on tax revenues, county commissioners are now considering a proposal to raise real estate tax rates to compensate for expected losses. They also said they will find ways to cut costs without eliminating essential county services.

In a recent foreclosure sales report released, it was shown that people who planned to buy foreclosure properties in Miami and made their purchases in the first quarter this year benefited from the nearly 40-percent average price discount given to buyers. The average sales price for foreclosure and short sales in Miami-Dade County in the first three months was $141,921.

With this average price, plenty of Miami cheap houses were sold. Nearly 4,000 residential units in foreclosure in Miami-Dade County were sold in the first quarter, accounting for more than 36 percent of the 10,685 foreclosure homes sold throughout South Florida during the quarter. Broward County sold nearly 5,000 foreclosure units while Palm Beach County sold nearly 1,900 units. They were also sold at substantial price discounts.

Buyers and investors also took advantage of plenty of cheap foreclosures in Florida in the first quarter. More than 35,400 homes in pre foreclosure and in foreclosure were sold at an average discount of 28.36 percent, with the average selling price at $126,300, even lower than the average price in Miami-Dade.

Because of strong profit prospects, investors snapped up Miami cheap houses as Miami-Dade is the most populous county in Florida and Miami is among the most well-known global cities.

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