The sale of bank owned Miami Beach real estate and bank owned real estate in general has been a key factor in keeping the market afloat. During the fall of 2010 however, foreclosure sales seemed to have “hit the brakes”. Is the first half of 2011 shaping up to be a repeat of last year? Thankfully not.
Thanks largely to encouraging retail resurgence and considerable discounts, bank owned sales have risen once again. The people behind this comeback of sorts are the same ones responsible for most of the buying activity at Miami Beach condos like Canyon Ranch: foreign buyers who don't mind paying cash. For the first quarter, over 2,200 homes were sold in Miami-Dade County, a healthy increase of more than ten percent over the previous quarter.
In a bit of sobering news, real estate experts say that it will still take a couple of years before all of these bank-owned properties are bought up as well as those that may soon fall under the category of bank-owned. Although the Miami Beach real estate market probably doesn't have as many as other neighborhoods, you may find a good deal worth looking into if you do some research.