search

The Real Deal Logo

Trending

“Multifamily is in the crosshairs”: Execs talk distress, opportunities at Milken conference“Multifamily is in the crosshairs”: Execs talk distress, opportunities at Milken conference"Financially devastating": Receiver takes over embattled Pembroke Pines condo complex"Financially devastating": Receiver takes over embattled Pembroke Pines condo complexArbor modifies $1.9B in loans as delinquencies keep risingArbor modifies $1.9B in loans as delinquencies keep risingPinnacle Bank buys back Fort Worth office tower for $12 per sf Pinnacle Bank buys back Fort Worth office tower for $12 per sf 
South Florida

Report: 42 percent of South Florida condos for resale are distressed

Sign Up for the undefined Newsletter

Forty-two percent of condos for re-sale in Miami-Dade, Broward and Palm
Beach County are distressed, meaning more than 22,000 units are
bank-owned or in short sale, according to a report by Bal Harbour-based
Condo Vultures. The proportion is significantly weighted toward short
sales, with around 3,600 bank-owned properties up for re-sale and
almost 19,000 short sales. According to the report, 36 percent of these
units are under contract waiting to close. Miami-Dade leads all three
counties with 10,900 distressed condos up for re-sale. TRD