The Real Deal Miami

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

March 29, 2010 10:08AM

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