In the month of April 2014, Florida Realtor’s Market Report showed that single family home short sales and REO’s represented only 10.54% and 16.5%, respectively, of the total number of closed sales in the South Florida market. Concurrently, the market report shows that short sales and REO’s in the condo and townhouse market represented 5.6% and 17.5% of closed sales. This shows there are still a number of distressed sales out there.
Speaking with someone the other day made me realize that even after the great number of short sale we have had during the past six years, there are still many misconceptions about short sales. And not all people understand there is no prototype to experience financial difficulty. Starting with that premise, I thought that perhaps by highlighting some of the most expensive short sales and REO’s in South Florida would help people realize that mortgage hardship knows no prejudices and jumbo mortgages are not exempt.
Below is the list of the 5 most expensive residential Short Sales since 2008. The list is based on the MLS closed transactions recorded in Miami-Dade, Broward and Palm Beach counties.
1. State of the art residence in 224 Bal Bay Drive in Bal Harbour, sold for $6.5 million in 2008.
2. 10,000 square feet Penthouse in 430 Grand Bay Drive in Key Biscayne, sold for $5.6 million in 2010.
3. Mediterranean Estate in 1645 E Lake Drive in Fort Lauderdale, sold for $5,325,000 in 2013.
4. Stunning modern home in Coconut Grove, sold for $4,350,000 in 2011.
5. 13,814 square feet Masterpiece Estate in 9284 Hawk Shadow in Delray Beach, sold for $4,250,000 in 2012.
Below is the list of the 5 most expensive bank owned (REO) properties since 2008.
1. 10,000 square feet Penthouse unit in 1643 Brickell Avenue, sold for $11 million in 2010.
2. 450 E Coconut Palm previously listed in 2002 at $29,500,000 this European style villa with more than 473 feet of intracostal waterfront finally sold in 2014 after 12 years on and off the market for $9,000,000.
3. Home with private dock in 23 Tahiti Beach Island, sold for $5,150,000 in 2011.
4. Home with ocean and intracoastal views in 1011 Hillsboro Mile, sold for $4.2 million in 2011.
5. Mediterranean home with views of Miami Skyline in 6797 Pullen Avenue in Coral Gable, sold for $4,150,000 in 2010.
If you are one of the many homeowners who are struggling financially, you should try to set aside some time to explore what options are available to you.
Norka Parodi is a member of the Institute for Luxury Home Marketing and is a Broker/Realtor®, with CDPE, CIAS, LMC, GRI, TRC designations
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