Posted on Tuesday, 8.10.2010

Miami Homes - Condos in Miami

As Miami real estate prices have fallen from their peak, thousands of South Florida and Miami homes can be bought for a fraction of the prices they once sold for. According to a report by Condo Vultures, there are about 5,400 townhouses and condos in Miami, Broward and Palm Beach counties including 600 single-family homes priced at $50,000 or less.

The most properties available under $50,000 were in Broward County with 2,400 listings. The runner-up was Palm Beach County with 2,100 properties.

This data was compiled from the Miami MLS by Peter Zalewski, a principal with Condo Vultures, because he had several clients inquiring on investment properties under $50,000. However, it is important to clarify that some of the homes are in senior communities and a majority of them are either bank-owned or short sales and many of those are condos that have been abandoned by investors who paid sky-high prices during the height of the Miami real estate market.

Even Zalewski, who keeps a close eye on the South Florida market, said he was surprised at the number of listings under $50,000. Zalewski said he paid $25,000 for a parking space at his condominium, that "wasn't even a very good space,'' at the peak of the real estate boom. Theoretically, today you could go out and buy a property with that same money for that amount of money.

However, some of these drastically discounted listings are banks offering teaser prices on short sales, Zalewski cautioned. Nonetheless, he found that about 7,000 South Florida and Miami homes have been bought for $50,000 or less since the beginning of the year.