7 Luxury South Beach Condos Being Foreclosed

Miami Beach's exclusive South of Fifth neighborhood in South Beach isn't even immune from the foreclosure epidemic hitting South Florida.

Lenders since January have initiated foreclose proceedings worth a combined $7.4 million against five luxury Miami Beach condominium units in the exclusive South of Fifth neighborhood of the barrier island city, according to a new report from Condo Vultures® LLC based on data from its Foreclosure Database™.

Lenders are owed more than $4.1 million on two units in the bayfront Murano Grande condominium, and $3.3 million on three units in the oceanfront Continuum on South Beach project.

"Many people will be surprised to learn that foreclosures are an issue even at two of South Beach's most exclusive addresses," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "After all, the Continuum and the Murano Grande are high-end luxury towers where celebrities, dignitaries, and successful business leaders have a second, third, or fifth residence."

Zalewski is scheduled to discuss inventory and foreclosure trends in the Greater Miami Condo Market at an upcoming seminar scheduled for Tuesday, April 28, at the Doubletree Grand Hotel just north of Downtown Miami.

In the first four months of 2009, lenders have filed to foreclose on nine luxury condominiums in Miami Beach valued at more than $1 million each. In addition to the foreclosures at the Continuum and the Murano Grande, lenders have filed foreclosure actions against borrowers in the gated island community of Aqua and the boutique oceanfront tower Mosaic, according to the Foreclosure Database™.

Overall, there have been 25 foreclosure actions filed against Miami Beach properties valued at more than $1 million.

Aside from the nine condos with a combined outstanding loan amount of $12.1 million, lenders are moving to foreclose on 16 single-family houses and condo projects valued at more than $37 million, according to the report.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

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