The Real Deal Miami

Distressed sales leapt in April

By Jovana Rizzo | June 02, 2008 12:29PM

Sales of distressed properties increased 23 percent in April, according to market research firm Condo Vultures in a report using its Vultures Database tool. The jump is largely attributed to a surge in discount buying in Miami Beach, Fort Lauderdale, Sunny Isles Beach, Hallandale and Hollywood.

There were 116 distressed condos, townhouses and single-family homes sold in Miami-Dade, Broward and Palm Beach counties, compared to 94 purchases in March, according to the report. Properties that were sold were discounted an average of 28 percent, about $174,800 in April, about steady from March. Properties remained on the market an average of 586 days.

Last year, distressed properties sold at an average discount of 29 percent, or $255,955, after an average of 402 days on the market. At the current rate for 2008, Vultures Database projects 1,224 distressed properties will be sold this year, a three percent increase from last year.