Can You Still Buy A Foreclosure On Brickell?

October 9th, 2013 Written By

Courviosier Courts

A few years ago it seemed that many of our buyers were interested in buying a foreclosure because they knew that they would be buying it for a good price.  Fast forward to today and I can’t even remember the last client who asked me about buying a foreclosure property.  Most buyers understand that any well priced foreclosure will turn into a bidding war and they are simply not interested in entering into a situation like that.  Also, you can’t assume anymore that all REO’s are undervalued.  Banks have become much smarter and have hired local agents who know the market and will price the property based on recent comparables.  For the most part, fire sales are a thing of the past.  Typically if a foreclosure doesn’t sell in the first day then you can bet it is not a steal.

As of today, there are roughly 25 foreclosure condos in the Brickell area.  They range in price from $1,100,000 down to $180,000.

Let’s take a closer look at a foreclosure in Courvoisier Courts on Brickell Key (#1104) listed for $439,900.  This unit has been on the market since July of 2013.  It went under contract in August but the deal fell through.  It has come back on the market recently at a reduced price of $405,900.  It is a 2 bedroom, 2.5 bath with 1,230 square feet of living space and needs completely updated on the interior.  At an asking price of $330.00 per square foot, the price is not that far off from similar non-foreclosure units.   Other 2 bedrooms at Courvoisier Courts have closed this year between $304.00 and $429.00 per square foot.

Despite the lack of foreclosure inventory, there are still some good deals to be found on Brickell.  If you are interested in buying a condo in the Brickell area please contact us, we will work tirelessly to find the perfect property to suit your budget and real estate needs.

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