Banks Offer Distressed South Beach Condos In Setai, Waverly And Decoplage Towers
Lenders have listed for sale and recently sold a number of real estate owned (REO) units in some of the most recognizable projects in Miami Beach.
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Miami Beach’s distressed condo market - shortsales and Real Estate Owned (REO) by lenders - is nothing like it was during the Great Recession years but the deals that are available or recently traded are notable for where the units are located.
Currently, the REO condos listed for sale in Miami Beach include units in the Setai Resort & Residences, Waverly at South Beach and Decoplage waterfront projects, according to the Southeast Florida MLX Matrix.
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In 2023, discount buyers picked off 12 units in some well-known buildings including South Pointe Towers in the ritzy South of Fifth neighborhood, the Mondrian South Beach condo-hotel project fronting Biscayne Bay in the South Beach area and the oceanfront La Gorge Palace tower in the North Beach neighborhood, according to an analysis based on statistics from CondoVulturesRealty.com.
In the 12 months of 2023, buyers purchased 12 REO condos at an average price of about $481,385 per door or about $525 per square foot, according to the stats.
Additionally, three condo shortsales traded in Miami Beach for an average of more than $459,500 per unit or about $456 per square foot, according to the stats.
Currently, only three REO condos are listed for sale in the Multiple Listing Services (MLS) - a database used by Realtors to market units - at an average asking price of about $1.2 million per unit or about $1,131 per square foot.
Additionally, one shortsale is listed for sale at a price of about $170,000 or about $323 per square foot, according to the stats.