Foreclosure Connections Blog

Foreclosure Rates Higher in Brickell condominiums

According to some of the recent reports, Miami foreclosures have completely overshadowed the South Florida real estate and housing market. As a result of high number of foreclosures in 2008, Miami is ranked second in the country where foreclosures are concerned and Brickell condos have the highest foreclosure rate locally.

According to one of the new reports that has been taken out by Condo Vultures, the 3 condominium towers of Brickell condos has recorded the highest number of foreclosure homes that were filed in the Miami-Dade County in the first 3 quarters of 2007 and continue to do so in the first quarter of 2008 as well.

Brickell condos have recorded 54 foreclosed homes with The Club at Brickell Bay situated at 1200 Brickell Bay Drive leading the pack. This is the highest number of foreclosures by state for any particular building in the Broward and Miami-Dade counties. The number two spot goes to the The Vue at Brickell, situated at 1250 S Miami Ave., as it has recorded 49 foreclosures. The Jade at Brickell Bay situated at 1331 Brickell Bay Drive has recorded the third highest number of home foreclosures.

All the three Brickell towers together accounts for almost 37% of the foreclosure actions that have been filed by the top 10 buildings in Miami and entire of South Florida according to a report by Condo Vultures. This accounts for almost $113 million in mortgages as well as fees that homeowners owe the lenders.

As a result of this high number of foreclosure homes in these 3 buildings, Brickell Avenue as well as Downtown Miami can expect a high influx of discount buyers and investors in the near future.