Search
 

Condo Auctions May Have Reached Peak

MIAMI-Bankers are becoming more adept at short sales and loan modifications.

By Carl Cronan | Updated on June 15, 2009

(Carl Cronan is editor of Real Estate Florida.)

MIAMI-The number of residential condominium units being sold through foreclosure auctions in Miami-Dade County appears to be peaking in the second quarter, according to locally based CondoReports.com. But whether that peak holds depends on lenders’ willingness to participate in short sales and loan modifications before going the last-resort auction route.

Nearly 6,000 units in major condo projects were sold at auction over a two-year period through the first quarter of 2009, according to Adam Cappel, president of CondoReports.com. The number climbed steadily from 316 units in the second quarter of 2007 to more than 1,000 units in the second quarter of 2008, but has fallen back since last year’s fourth quarter.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.