The Real Deal Miami

Report: $1.7B in South Florida condo foreclosures

By James Kelly | July 14, 2008 12:04PM

Close to 8,400 condos in South Florida entered foreclosure proceedings in the first six months of 2008, according to a report research firm Condo Vultures. The total value of loans foreclosed on totaled about $1.7 billion.

Broward and Palm Beach counties had an increase in proceedings from last year, with 4,514 units and 2,072 units respectively. Meanwhile, Miami-Dade County had 1,811 units foreclosed on, fewer than last year, as the markets there are “ahead of the curve” of the foreclosure swell, Condo Vultures principal Peter Zalewski said in a press release.

The totals of foreclosed loans by county were valued at $840 million in Broward, $364 million in Palm Beach and $458 million in Miami-Dade.

The Pompano Beach condo project Palm-Aire Country Club had the highest number of foreclosures in the first half of the year, according to the report, with 71 units taken by banks. This represents a total value of $9.6 million.

The number of Real Estate Owned (REO) properties in Miami-Dade increased 18 percent in the first half of 2008, compared to the same period last year, to 5,370.

In all of South Florida, the number of REOs increased to 11,860, from 10,087 in the first half of 2007.