There was no shortage of short-sale transactions last year in South Florida.
According to an analysis by CVR Realty, a Miami-based sell-side realty firm, sales at prices which were less than the seller owed on the property spiked by 49% in 2010 as compared to 2009.
In all, buyers purchased nearly 16,800 residential properties in Miami-Dade, Broward, and Palm Beach Counties last year at prices below – or "short" of -- the outstanding loan amount still owed by sellers. In 2009, buyers purchased nearly 11,300 properties short of the amount due.
"All indications are that short-sales will increasingly be the primary focus of buyers searching for properties in the South Florida market," said Hernan Osorio, the director of sales for CVR Realty. "Luckily for sellers who do want out but are mindful of their credit, several lenders are beginning to view short-sales as a viable alternative to the foreclosure process."
Lenders sold 19,800 residences in South Florida in 2010, down 6% from 2009 when 21,050 bank-owned properties were transacted, according to the report, which is based on Florida Association of Realtors data.
