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South Florida

Cash is king in South Florida

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As bank-owned properties soared 160 percent over the course of 2008, according to the
consulting group Condo Vultures, discounts and cash deals are
loosening a moribund market. Miami-Dade, the county most victimized by
the condo bubble, led the repossession list, with 12,059 properties
returned to lenders, compared with 4,539 in 2007. Broward came in
second with more than 10,000 bank-owned homes, up from
3,686 in 2007, followed by Palm Beach County’s more than 4,000 last
year. In 2007, Palm Beach County had 1,862 such properties. Banks must pay at least
$30,000 to $60,000 per foreclosure, adding to the incentive to push
through all-cash deals at deep discounts, said Peter Zalewski, a
principal at Condo Vultures.