Short Sales on the Rise in Miami

short sale.jpgWe recently wrote about the rise in real estate sales in Miami. Part of the reason for the rise in real estate sales locally is that many banks have become more willing to allow sellers to sell their homes via short sales. Consequently, short sales now account for one in every four homes sold in South Florida. For instance, in June, there were 944 short sales in Miami-Dade County, and that is up from 379 short sales a year earlier.

It seems that banks have become more willing to negotiate with buyers willing to sell their homes in these tough economic times. Therefore, those seeking to get out of foreclosure or stop foreclosure sales in South Florida need to consult with an experienced attorney about their options. Short-sales are an option to potentially avoid a foreclosure sale, but it has its own set of drawbacks and benefits that need to be carefully analyzed.

In Miami-Dade County today, half of the pending single-family homes for sale on the Multiple Listing Service are short sales. The increasing number of short sales and bank owned properties coming to the market has put a downward pressure on real estate prices in Miami, and South Florida in general.

In June, median prices of existing homes stood at $203,300 in Miami-Dade County, and that is down about 4% from the same month a year ago. Median existing condo prices at $128,000, were down about 9% in Miami-Dade County.

Increasing short sale approvals is one reason why South Florida has seen a recent resurgence in real estate sales. In July, pending home sales in Miami Dade County stood at 10,113, and that is an increase of 40.5% from July 2009. In Broward County, pending sales stood at 7,830 in July, and that is up 25.4% from a year earlier. These favorable numbers can also be attributed to many foreign buyers coming into our market and paying all cash for real estate priced at very attractive prices.
We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.

If you are on the brink of foreclosure, need a real estate attorney, or just need to assess your legal rights, please contact our office today.