Miami Home Auctions Offering More Low-Priced Properties
By John Cutts | 11 March 2010 @ 10:15 am EDT
Miami home auctions continue to offer more low-priced properties, sharply increasing the number of single-family homes and condos priced below $250,000, based on reports from a real estate firm based in Bal Harbour, Florida.
In Miami-Dade County, a total of 13,185 condos and single-family homes listed below $250,000 are currently on the market and 72 percent of these or 9,437 units are townhouses and condos.
In nearby Palm Beach County, a total of 11,176 homes are being resold below $250,000 and 72 percent of these or 7,966 units are townhomes and condos.
Broward County, with a total of 13,655 units currently being resold below $250,000, has the highest number of existing homes being offered below $250,000 in South Florida and also has the highest percentage of townhouses and condos at 73 percent.
South Florida real estate analysts said that the lower-priced homes are increasingly located in suburban communities on the western side of Interstate 95. Properties on the eastern side of the interstate are the ones rising in value because of their proximity to the coast.
Miami home auctions have significantly pushed down home prices over the past five years. In 2005, the sales price median reached $351,000. Today, more than 67 percent of the 41,000 previously owned townhomes and condos on the market were offered for sale below $250,000.
Home prices in many parts of South Florida did not improve significantly despite a year-over-year slowdown in foreclosure activity in the area in February this year. Pre foreclosures in Miami dropped to 1,670 filings, a 30-percent drop from 2,376 filings in February 2009. Many of these, however, eventually entered lists of foreclosed homes in Miami as many homeowners were not able to cure their delinquencies. Also, the number marked an increase from the 1,400 foreclosures filed in January.
Foreclosure filings also dropped in Palm Beach, posting a 24-percent year-over-year decrease from 2,413 filings to 1,822 filings. Compared to the previous month, the number marked a decrease from about 2,250 filings in January.
Broward County posted the slightest year-over-year drop at 7 percent, with 3,188 filings in February this year and 3,411 filings in February last year. The number also marked an increase from the 2,250 filings in January.
Among the three South Florida counties, Miami had the sharpest decline in foreclosure activity in February. Miami-Dade County, nevertheless, is bent on wiping out its foreclosure inventory by continuously promoting its online Miami home auctions.
Author Resource:-> Original Post: Miami Home Auctions Offering More Low-Priced Properties on ForeclosureDeals.com.
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