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.