Florida has always been the hotspot of due to its climate and close proximity to the coastline. Choose from a beach home to a condominium through Florida foreclosure listings.
Florida witnessed the highest rate of foreclosure in 2005. One in every 719 households was scheduled for foreclosure. The high foreclosure rate remained in spite of the fact that there was a 29% decrease in new home foreclosures between the first and the fourth quarter. But what does this mean for first time home-buyers? This means that a first time homebuyer can purchase Florida foreclosure homes at a bargain price.
The state of Florida reported 121,843 properties entering foreclosure in 2005, which is 1.67% of the state’s households. It didn’t just stop here but the rates continued to soar across different real estate markets in the entire state. The market conditions became unpredictable with constant fluctuations. As a result the number of Florida bank foreclosures in 2005 increased considerably. Here are the counties that recorded some of the highest rates:
Clay County: 40%
Lee County: 38%
Palm Beach County: 26%
Miami-Dade County: 25%
Broward County: 23%
Large Inventory of Homes in Florida
Due to such a high rate in various counties, a large inventory of Florida foreclosed homes has been created. This large inventory of homes includes fixer uppers, VA homes, HUD homes, home of single families etc. It is an excellent opportunity for investors and first time homebuyers to buy Florida foreclosure homes for a value below the market rate especially for condos.
The new Mecca of real estate is South Florida and experts predict that it will soon be the home to many baby boomers looking for retirement residence as well as for families searching for seasonal housing. Bank foreclosed homes in Florida has increased as such a rapid pace in the last two years that condos have become a hot real estate property. Condos are being preferred by individuals as well as families because they provide excellent living space with basic amenities including elevators and require minimum maintenance. Foreclosure homes in Florida especially in the Palm Beach, Broward and Miami-Dade area are most of the time sold out. This is due to these areas having excellent access to the airport.
Florida foreclosures have not been as aggressive in Orange County and the greater Orlando region as in the rest of the state. The reason is that the real estate prices in Central Florida have not risen as drastically as in the southern part of Florida. A Condominium with an area of 1,457 - 1,457 square feet in the Miami Dade area will cost you anywhere between $326,990 and $604,990. A 1,863 - 5,300 square feet home in Tampa, Hillsborough will cost you around $225,000. Although the real estate price is seen to be lower in Tampa but if you search around for Florida bank foreclosures in Miami Dade then you can find some for a real bargain price.
Get to Florida: The sun, sand, the beach and the condominiums are waiting for you!
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