Logjam in foreclosure filings breaking up

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REALTORMag: Short Sales Get Shorter- New Deadlines to go into Effect

As part of a settlement with state attorneys general, the five largest mortgage servicers are adopting new requirements for short sales, which is expected to speed-up what has been known as a lengthy process.
Here are some of the new requirements for servicers under the settlement:

• Servicers must provide borrowers with a decision within 30 days after receiving a short sale package request.
• Servicers will be required to notify a borrower, also within 30 days, if any necessary documents are missing to process the short sale request.
• Servicers must notify a borrower immediately if a deficiency payment is needed to approve the short sale. They also must provide an estimated amount for the deficiency payment needed for the short sale.
• Servicers are also required to form an internal group to review all short sale requests.
• Banks will be considered in violation of the settlement requirements if they take longer than 30 days on more than 10 percent of the short sale requests. Violations can carry fines of up to $1 million and $5 million for repeat offenses.

“If a real estate broker can get a checklist from the bank detailing what documentation is needed, everything can be provided up front, and the bank will be required to give a thumbs-up or a thumbs-down within 30 days,” short sale specialist Chris Hanson with the Hanson Law Firm told HousingWire. “That’s not a bad deal.”
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Downtown Miami Housing Report – March 2012
By: Ines Hegedus-Garcia on April 11, 2012

There are currently 963 downtown Miami condos for sale in The Multiple Listing Service (MLS):

• The highest priced condo is in The Four Seasons (The highest penthouse in Florida). A 2 bedroom / 3 and a half bathroom, 5,798 sf penthouse listed for $13,400,000.
• The lowest priced condo is at Brickell View Condo – a 2 bedroom / 2 bath short sale with 616 sf of living space, listed for $80,000. Brickell View Condo is located at 126 SW 17 Rd, Miami, FL 33129.
• Pending Sales (properties under contract): 398
• Closed Sales in March of 2012: 137

The 137 Downtown Miami Condos sold in March range from a $1.5 Million Condo at Santa Maria Condo, to $73,000 2 bedroom short sale at Village at Brickell Condo. Out of the 96 condos sold, 43 were distressed sales (short sales and foreclosures), that’s 31% of the sales. The Median sale price for November Downtown Miami Condos was $402,000.

Here is the breakdown of sales by condo building and areas within downtown Miami. What’s important to point out is the fact that inventory has slowly gone down, sales have slowly increased, so have median prices while distressed sales have decreased. I would venture into stating that downtown Miami is the hottest real estate in South Florida right now. This is evidenced by how quickly properties sell and by the demand.

BRICKELL AREA CONDOS

• Village at Brickell Condos – 3 sales: $305,000, $250,000 and $195,000
• 25 Bay Tower Condo – 1 sale $214,000
• 500 Brickell Condo – 2 sales: $525,000 and $335,000
• Atlantis on Brickell – 1 sale: $285,000
• Axis on Brickell – 1 sale: $237,000
• Brickell Biscayne Condo – 2 sales: $190,000, $158,500
• Brickell Forest – 1 sale: $260,000
• Brickell Harbour Condo – 2 sales: $258,000, $229,000
• Brickell Place – 1 sale: $198,000
• Brickell Roads Townhouses – 1 sale: $190,000
• Brickell Shores Condo – 1 sale: $175,000
• Brickell Townhouse – 2 sales: $230,000, $151,000
• Bristol Tower – 1 sale: $1,475,000
• Costa Bella Condo – 1 sale: $265,000
• Four Seasons – 1 sale: $1,325,000
• Icon Brickell – 8 sales: $692,500, $370,000, $349,000, $335,000, $375,000, $750,000, $687,000 and $555,000
• Imperial at Brickell – 2 sales: $450,000 and $350,000
• Infinity at Brickell – 1 sale: $243,000
• Jade at Brickell – 2 sales: $600,000 and $1,053,000
• Jefferson Condo – 1 sale: $158,000
• Point View Condo – 1 sale: $120,000
• Santa Maria – 1 sale: $1,500,000
• Skyline at Brickell – 1 sale: $231,000
• Solaris at Brickell Bay – 1 sale: $230,000
• The Club at Brickell Bay – 5 sales: $230,00, $154,400, $180,000, $175,000 and $170,000
• The Emerald – 1 sale: $450,000
• The Four Ambassadors – 1 sale: $142,275
• The Imperial – 1 sale: $315,000
• The Mark on Brickell – 2 sales: $300,000 and $215,000
• The Palace – 1 sale: $243,500
• The Plaza on Brickell – 15 sales: $250,000, $230,000, $270,000, $290,000, $518,000, $465,000, $450,000, $427,000, $390,000, $385,000, $295,000, $280,000, $287,000, $278,000 and $240,00o
• The Sail and Brickell – 3 sales: $180,000, $175,000 and $162,000
• Villa Brickell – 1 sale: $535,000
• Village at Brickell – 1 sale: $73,000
• Vue at Brickell – 3 sales: $180,500, $170,000, and $268,000

BRICKELL KEY CONDOS

• Brickell Key One – 1 sale: $780,000
• One Tequesta - 3 sales: $300,000, $360,000 and $235,000
• Two Tequesta – 2 sales: $584,120 and $700,000
• Three Tequesta – 2 sales: $535,000 and $369,000
• Carbonell – 1 sale: $850,000
• Courts at Brickell Key Condo – 1 sale: $390,000
• Courvousier Courts at Brickell key – 4 sales: $330,000, $319,000, $240,000 and $245,000

DOWNTOWN AREA CONDOS

• 50 Biscayne – 5 sales: $369,000, $315,000, $195,000, $235,000 and $270,000
• Epic – 2 sales: $408,500 and $637,500
• Madison Downtown Condo – 1 sale: $100,000
• Met 1 – 1 sale: $270,000
• One Miami – 11 sales: $535,000, $335,000, $274,500, $285,000, $205,000, $120,000, $320,000, $308,533, $260,000, $329,900 and $265,000
• The Ivy – 3 sales: $300,000, $308,000 and $215,000
• The Loft Downtown – 5 sales: $130,000, $175,000, $143,000, $185,000 and $106,000
• The Madison – 1 sale: $110,000
• Viscayne Condo – 2 sales: $222,500 and $299,000

MIAMI RIVER CONDOS

• Latitude on The River – 1 sale: $212,000
• Neo Vertika – 5 sales: $173,000, $207,500, $204,500, $185,000 and $165,000
• Wind by Neo – 3 sales: $260,000, $255,000 and $197,000

MIAMI HEAT CONDOS

• 900 Biscayne Bay – 1 sale: $467,500
• Marina Blue - 7 sales: $485,000, $402,000, $394,000, $379,000, $250,000, $335,000 and $350,000
• Marquis Residences – 1 sale: $1,200,000
• Ten Museum Park – 1 sale: $505,000

And to finish off, here’s the distressed inventory in this area (short sales and foreclosures). Out of the 962 downtown Miami condos currently listed for sale, 68 are short sales and foreclosures, this is equivalent to less than 7% distressed inventory in such a large area. This percentage was above 40% just one year ago and 10% when I reported in November of 2011. It doesn’t take a genius economist to tell you that there is a major improvement in our downtown Miami housing market. It also means, for those of you that keep requesting to buy short sales and foreclosures, that the inventory is almost non-existent and the choices will be very limited.
**all information obtained from the Southeast Florida Multiple Listing Service**

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Consumers may prowl for homes in 2012: Fannie Mae

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