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Posted on Tuesday, 8.17.2010

Miami Foreclosure - Miami Real Estate

South Florida is a gold mine for bargain hunters and great opportunity for real estate investors looking for Miami foreclosures. In the first week of August, South Florida bargain hunters bought $9.3 million of distressed Miami real estate properties at an auction in the Miami Beach Convention Center. A total of 154 distressed properties were bought for an average of $60,390 per Miami foreclosure property.

REDC, the auction company, said that one home in Fort Lauderdale sold for $20,000, a 91 percent discount from its prior high value. A home in Delray sold for $99,750, which was 51 percent off its highest value.

The day before the Miami real estate auction REDC said buyers in Orlando bought over 139 properties for $10.1 million, averaging $72,662 per property. This was the highest grossing Miami foreclosure auction this year.

During an eight-city tour through Florida, REDC is set to sell more than 1,500 foreclosures.  A few of the cities on the schedule are Auctions in Melbourne, Ocala and Sarasota.

Foreclosure is a perfect way for investors or home buyers to purchase Miami real estate at a significant discount. A large percentage of buyers are looking for distress properties and Miami Realtors have become very knowledgeable of this new trend in order to get the best deals for their clients.

Contact MLR Realty at 305-673-3303 if you are looking for a Miami foreclosure property or for more information on other Miami real estate properties for sale or for lease.


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