Florida Condominiums Suffering High Foreclosure Rates

According to an independent study on foreclosures South Florida housing market is the second in the nation in foreclosures. The hardest hit of these tend to be condos & Downtown Miami area is feeling it.

According to a new report from Condo Ventures, a consultancy representing buyers, the three towers with the highest foreclosure rates in Miami-Dade are all off of Brickell Ave. The highest ranking for condo foreclosures is The Club at Brickell Bay, with 54 foreclosures during the first three quarters of 2007. Second highest condo foreclosures is The View at Brickell, suffering from 49 foreclosures. The third highest condo foreclosures is The Jade at Brickell Bay. These three Brickell towers account for 37 percent of the entire number of foreclosure actions filed in the top ten buildings in South Florida. They account for more than 113 million dollars in loans and fees owed to the lenders and condo associations that are pursuing foreclosure.

Condo Ventures also reports the strip from Miami Beach north to Sunny Isles Beach and west to Aventura is the home to three more condo buildings that the report ranks in on its top 10 list of South Florida condo foreclosures. These three buildings are Oceanview, reporting 41 units in some stage of foreclosure. Aventura’s Parc Central Aventura, reporting 31 condo foreclosures. Miami Beach Mirador, coming in at 27 foreclosures during the first 3 quarters of this year.

To read more about three Brickell condominiums have highest foreclosure rate head on over to Miami Today News.