The REO Beat: Upcoming Miami Real Estate InventoryOctober 19, 2011
Since the Real Estate market decline in 2008, REO (real estate owned) or Bank Owned properties started popping up in Miami and Miami Beach. We quickly started working with banks by conducting BPO’s (broker price opinions), then listing these properties for sale. Although most REO agents will agree the inventory level is down the last 2 years, we still get product in Miami & Miami Beach . And buyer appetite for Miami Real Estate listed as REO is definitely high.
In an effort to keep our readers ahead of the pack, below are a few properties we’ll be listing soon.
Oceanfront Condo in Miami Beach – This is a direct oceanfront 2/2 on a high floor with Caribbean blue marble floors throughout, and spacious split floor plan. We’re currently getting this condo at the Akoya Miami Beach freshly painted and cleaned up so it’s as stunning as the view. This full service modern building features pool, valet, 24 hour security, private tennis court, putting green, indoor racquetball, and a gym with direct ocean view. Talk about a great motivation to get up and work out! Wake up to beautiful sunrises over the ocean or take a stroll on the beachwalk stretching two miles along the sand dunes and through North Shore Open Space Park. Comparable units in the same line are available starting at $720,000. Given the seller’s objective, this REO will surely be listed in the mid to low $600’s to insure it’s sold quickly. This is a perfect buy for a primary or vacation home resident, looking for breathtaking views in a full service community.
Biscayne Park Duplex – Besides being a charming village near Miami Shores, Biscayne Park is also a bird sanctuary, with lots of wonderful shade trees and grassy medians, offering affordable living within close proximity to Downtown Miami, Brickell, and the Airport. This duplex is just getting a little polish prior to listing for sale. Each unit is a 2/1 and can rent for $900/month, generating an annual rental revenue of almost $22,000. This income property will be listed in the range of $110,000 & $125,000, and can generate an incredible return between 15-18%. This is a great opportunity for a primary resident to use and generate income, or for a first time or seasoned investor alike. The chance to make a great return are definitely here.
North Miami Beach Fouplex – This money making fourplex just steps from West Dixie Highway in North Miami Beach features two 2/1 units and two 1/1 units. From the photo, we can all agree it is NOT as appealing as the beachfront condo, but when just analyzing the numbers, this investment generates almost $36,000 in Annual Gross Rent, which will leave you with enough green to pay for a weekend stay in South Beach whenever your heart desires. We’re clearing up a few minor repairs before listing for sale in the range of $150,000. The lucky buyer of this investment property can expect over a 20% return. Turn this ugly duck into your golden goose!
With these type of choices, you can see why REO listings attract a large audience. If you’re interested in properties like these or any other kind of real estate in Miami, you know Miami Reconnect is ready to serve. Give us a call today, and let’s get started!