According to Default Research, a provider of lis pendens data, foreclosures in the South Florida area were up by 66% in 2007. In Miami-Dade the increase in foreclosures was 26%, while in Broward County, which includes Fort Lauderdale, the increase was 64%. The research company, which provides pre-foreclosure information, states that they saw an average of 220 foreclosures daily in Florida last year. The median price of a home in Florida is $221,000. The Miami–Broward area is much pricier, with a median home price of $346,800.
The foreclosure crises is bad, but for some investors of real estate, there is an upside, especially in the Miami area. One can make a great deal in today’s real estate market, and buy a condo or a home for well below market value.
Furthermore, as more people resist buying until the market changes, the demand for rental property is increasing. For an investor who wants to buy a property for less than its market value, and rent it out until the market swings in the other direction, this may well be an excellent time to buy, or, at the very least, a prime time to negotiate a great deal on real estate in Miami.
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