Nearly two dozen Downtown Fort Lauderdale and the Beach coastal condo units in a variety of well-recognized towers including the Las Olas Grand, La Rive, NuRiver Landing, The Port, Village At Harbor Beach, and the Waverly At Las Olas are headed to court-ordered foreclosure auctions in the next 60 days, according to a new report from CondoVultures.com.
The 20 units are slated to be auctioned off in an attempt to resolve nearly $5.6 million in final judgments of foreclosure against the individual borrowers and debtors, according to Broward County records.
A combination of banks and condo associations initiated the process for the foreclosure auctions, according to the records.
CondoVultures.com is scheduled to profile the latest trends in the fourth quarter of 2011 in the seven largest coastal condo markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.
Since the week of Jan. 16, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
The Downtown Fort Lauderdale and Beach coastal condo market is defined as the stretch from Sunrise Boulevard south to State Road 84, and the Atlantic Ocean west to Northwest 7th / Southwest 4th Avenue. The market is comprised of the areas of North, South, and the Beach, according to the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale And The Beach™.
The Port condominium tower with dockage located on the Intracoastal Waterway immediately north of the 17th Street Causeway is home to the highest priced foreclosure judgment headed to auction in the next two months in the Downtown Fort Lauderdale and Beach coastal market, according to Broward County records.
A high-floor condo with nearly 1,800 square feet in the Port condominium is slated for auction at a foreclosure judgment of nearly $620,000, according to government records.
The next highest priced foreclosure judgment at nearly $550,000 is against a two-bedroom unit with nearly 1,400 square feet in the Waverly At Las Olas condo, according to Broward County records.
The third highest priced foreclosure judgment at more than $450,000 is against a high-floor unit with two bedrooms and more than 1,100 square feet in the NuRiver Landing condo on the south bank of the New River in Downtown Fort Lauderdale, according to government records.
On a project-by-project basis, the NuRiver Landing and the Waverly At Las Olas are tied for the top spot with three units each scheduled for auction in the next 90 days, according to government records.
The Village East condo complex south of the 17th Street Causeway in Downtown Fort Lauderdale ranks third with two units slated for auction in the next 60 days, according to the Broward County records.
In the next 60 days, auctions are scheduled for units located in a variety of projects including Las Olas Grand, the Las Olas By The River, and La Rive, and the Pine Crest Village, according to government records.
In the first six weeks of 2012, there have already been nearly 20 condos in the Downtown Fort Lauderdale and Beach coastal market auctioned in an attempt to resolve nearly $5.5 million in final judgments of foreclosure.
An additional 10 Downtown Fort Lauderdale and Beach properties were slated for auction but the dates have since been canceled, according to government records.
The upcoming auction of the Downtown Fort Lauderdale and Beach coastal units comes at a time when distressed condos represent 10 percent of the available condo inventory as of Feb. 12, 2012, according to an analysis by the licensed Florida real estate brokerage Condo Vultures® Realty LLC.
Of the nearly 375 Downtown Fort Lauderdale and Beach coastal condos available for resale, more than 35 units are being marketed as shortsales or bank-owned properties, according to the analysis based on the Florida Realtors association data.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
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