The Real Deal Miami

Luxury homes hit by foreclosures

October 27, 2008 01:16PM

Thirty-three luxury homes priced over $1 million in Miami-Dade, Palm Beach, and Broward counties are in foreclosure or already owned by banks, according to a report from Condo Vultures, which tracks properties in those counties. Most of these homes are in Miami, Miami Beach, Hollywood and Coral Gables. About 7 percent of the 109,000 properties currently for sale in South Florida are valued at $1 million or more.