Repossessed Miami Homes So Much in Demand That Supply Vanishes

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By Marilyn Bowden
Low pricing and a good rental market have made REOs — properties that have been repossessed and put back on the market by lenders — so popular with investors and end-users alike that a lot of the inventory has been absorbed, brokers say, a necessary step for a return to a healthy market. “Right now, there’s less than one month of REO inventory,” said Christian Kawas, co-principal of SoBe Luxury Homes, a division of Douglas Elliman Florida. “There are 356 single-family homes and 342 condos listed as REOs on the market, and they are selling at the rate of about 845 a month.” So far this year, he said, more than 10,000 have sold, which could mean that by the end of 2011, last year’s total of about 11,000 REOs sold will be surpassed, assuming enough product remains to sell. “If you’re an investor with $500,000 or $1 million to spend, which is what the majority of them have, and you want to buy a few foreclosures, you can’t find them,” Mr. Kawas said. “There are multiple offers on everything, and so they tend to go for more than the asking price.

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Pamela Diaz-de-Leon With an accomplished background encompassing Diplomacy, Architecture, Business and Film, Pamela Diaz-de-Leon brings to the real estate industry the entrepreneurial expertise which stem from her interdisciplinary experience. Her world wide network of distinguished personalities carefully knitted of relationships formed in her five years as the Cultural Attaché for the Instituto Cervantes, serving the King of Spain, in Chicago, and her Hollywood connections acquired while working with a recognized film distributor, give her the global platform in which she has developed her business with great success. Knowledgeable, informed and organized she holds ethics and integrity as her highest values thus, providing her customers with an excellence of service that ensures their utmost satisfaction and their continued loyalty to her work. Office. 305.677.5055 Cell. 305.720.8439
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