Florida Foreclosure Rates Continue to Rise; Can You Find an Investment Opportunity?
Looking for a great foreclosure property investment?
“The holiday season is coming up — South Florida condominiums could be the bargain of the season,” said Serdar Bankaci, President and CEO of Default Research. “There were a lot of condos bought for investment purposes, and with the downturn in the real estate economy, many investors are being forced to sell their condos for much cheaper then what they paid for them.”
Florida foreclosure rates continue to soar across many markets of the state as market conditions fluctuate. The highest increases in the foreclosure rate over the last financial quarter came from some familiar places. The rates were highest in the following counties:
- Clay County: 40 percent
- Lee County: 38 percent
- Palm Beach County: 26 percent
- Miami-Dade County: 25 percent
- Broward County: 23 percent
Experts do not see this changing anytime soon.
“The large inventory of homes creates some excellent opportunities for investors to buy homes below value, specifically condos,” said Bankaci. “South Florida, in the long run, will be home to many baby boomers looking for retirement residences or families looking for seasonal housing.”
He explained further that the condos provide an excellent living space with minimal maintenance, elevator and many amenities. Also, Palm Beach, Broward and Miami-Dade have excellent airport access for those that want to make these areas seasonal homes. And in the case of condos, the prices may be lower so that rising Florida mortgage rates are not a big factor.
Don’t give up on the South Florida housing market at all, he said.
“To tell you the truth, with this pre-foreclosure information, many investors or even those individuals looking to purchase a second home or condo for below market value can really profit,” Bankaci predicts.
While Default Research offers the freshest foreclosure information for the state, one place where activity is down in Orange County. Meanwhile, the greater Orlando region is not being hit with the explosive foreclosure activity because Central Florida real estate prices did not rise as drastically as in the southern part of the state to start with.
