Apr 2, 2008 5:34 pm US/Eastern
Top Rated Condos In Foreclosure In South Florida
MIAMI (CBS4) ―
Buying a home has become nearly impossible for many people across South Florida. But it might help you if you knew the best places to look for cheap properties. CBS4's David Sutta investigated the top 10 places where there are condos in foreclosure in South Florida.
At the Parc Central Apartments, the pool is empty and apparently so are the condos.
Peter Zalewski, operated condovultures.com, a local brokerage tracking the massive declines in South Florida. Their latest report shows the ranks which buildings are collecting the most foreclosures so far in 2008.
"There is more foreclosure filings in this particular complex then there is in any of the buildings down on Brickell Avenue," explained Zalewski, "I think that would shock a lot of people. About one forth of this building, people are either losing them or trying to get out."
At the top of Zalewskis's list is Parc Central in Aventura.
"Probably the only explanation I can make for it is the building was built in 1990," said Zalewski.
The Club at Brickel Bay in Downtown Miami has slid to the number 2 spot. The building referred to by many still as ground zero for mortgage fraud.
What is most alarming in the report is the list shows downtown high-rises are not the only thing crashing. On Sunny Isles, the Oceanview apartments are number five. The Tides on Hollywood Beach is not far behind. Homestead has even surfaced on the list with Venetia Gardens and Shoma Condos.
The spread of foreclosure condos means there is a shift in South Florida.
"These are people that are actually losing their homes. It's not people who are losing a gamble," said Zalewski. "Which is what we saw in Brickell. That's really what's interesting about '08. Now we are starting to see this credit problem, the real estate crash percolate and hit everybody, not just speculators but the common Joe if you will."
Click here to visit Zalewski's list of foreclosure homes in Broward County and Miami-Dade County.
Condovultures.com Miami-Dade foreclosure condominium ranking:
1. Parc Central Aventura
3300 NE 191st and 192nd St., Aventura
26 FORECLOSURES IN 2008
2. Club at Brickell Bay
1200 Brickell Bay Dr., Miami
24 FORECLOSURES IN 2008
3. Oceanview
19380 & 19390 Collins Ave., Sunny Isles
22 FORECLOSURES IN 2008
3. Blue Lagoon
Various, NW 7th St., Miami
22 FORECLOSURES IN 2008
5. Vue at Brickell
1250 S. Miami Ave., Miami
21 FORECLOSURES IN 2008
6. Venetia Gardens (North & South)
Homestead
16 FORECLOSURES IN 2008
7. Las Vistas at Doral
Doral
14 FORECLOSURES IN 2008
8. Shoma Condo at Keys Cove
Homestead
13 FORECLOSURES IN 2008
8. Mirador
1000, 1035, and 1200 West Ave., Miami Beach
13 FORECLOSURES IN 2008
10. Grand
1717 N. Bayshore Dr., Miami
12 FORECLOSURES IN 2008
10. Antigua at Country Club of Miami
Miami
12 FORECLOSURES IN 2008
Condovultures.com ranking for Broward foreclosure condominiums:
1.PALM-AIRE COUNTY CLUB
POMPANO BEACH
33 FORECLOSURES IN 2008
2. EDGEWATER
CORAL SPRINGS
23 FORECLOSURES IN 2008
3. TIDES ON HOLLYWOOD BEACH
HOLLYWOOD
18 FORECLOSURES IN 2008
4. AVENTINE AT MIRAMAR
MIRAMAR
17 FORECLOSURES IN 2008
4. MARINA OAKS
FORT LAUDERDALE
17 FORECLOSURES IN 2008
6. BEACH CLUB
HALLANDALE BEACH
16 FORECLOSURES IN 2008
6. CORAL KEY
MARGATE
16 FORECLOSURES IN 2008
9. CLUB CARIBE
COCONUT CREEK
14 FORECLOSURES IN 2008
9. REGENT PARK
HOLLYWOOD
14 FORECLOSURES IN 2008
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