$14 Million In South Beach Foreclosures Filed In May

Nearly three-dozen residences in Miami Beach's South Beach neighborhood slipped into foreclosure in May for nonpayment on nearly $14.3 million in combined mortgage financing, according to the Condo Vultures® Foreclosure Database™.

The most expensive foreclosure action filed in May was against a waterfront single-family house with an outstanding loan amount of $4.3 million. A few doors down a bank filed to foreclose on a $1.1 million loan, which ranks as the third highest foreclosure action filed in May in South Beach.

A luxury condo with an outstanding loan of $1.6 million in Miami Beach's South of Fifth neighborhood ranked as the second highest foreclosure action filed in May, according to the Foreclosure Database™.

"Single-family houses accounted for two of the 34 foreclosure actions filed in South Beach in May," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "For the year, condos have accounted for more than 90 percent of the 176 foreclosure actions filed in South Beach through the end of May."

Nearly half of the May foreclosures in South Beach are located on four streets: West Avenue (7 filings); Collins Avenue (4 filings); Ocean Drive (2 filings), Lincoln Road (2 filings). The remainder of the foreclosure actions are spread throughout the barrier island neighborhood.

Overall, lenders moved to foreclose 81 properties in Miami Beach in May, up from efforts to repossess 112 properties in April. For the year, lenders have filed 463 actions against Miami Beach properties, according to the Condo Vultures® Foreclosure Database™.

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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