by Roger G Mccorkle

Created on: April 26, 2009   Last Updated: July 14, 2011

The City of Miami, Florida (pop. 2.5 million) is on the west side of Biscayne Bay. Miami-Dade or Greater Miami (pop. 5.6 million) is the county and supplies many of the public services such as mass transit.

FORECLOSURES

All foreclosures must be processed through the Miami-Dade civil court system. With 22,000 cases awaiting a place on the court calendar, on Friday, April 24, 2009, the presiding judge issued a ruling that prohibits any case from being listed on the court docket until it has gone through an arbitration hearing. It is anticipated that this will lead to a negotiated reworking of the mortgage or a suitable sale to a third party. This could be the golden opportunity for someone

to become the problem-solver for both the owner and the bank.

The key to getting a great deal is to select a suitable area and price, find an experienced real estate pro, and let her know that you can and will make an immediate commitment for the right property. There are some unbelievable deals. They don't stay around for long.

DOWNTOWN

A number of luxury high rise condominiums have been built on Biscayne Blvd. overlooking the bay in the last five years. Many 2-3 year-old units are still awaiting the first owner. A typical 3/3.5, 3500 sq. ft unit currently has an asking price of $4.95 million. A few blocks farther west, prices are much lower, with one and two bedroom condos selling for $175-400,000.

Nearby is the Adrienne Arsht Performing Arts Center,with an opera house and symphony hall. Just bocks south is the AA Arena, home of the NBA Miami Heat. The Miami Dolphins play in a new stadium to the north between Miami and Fort Lauderdale. The high-speed Metro Rail and a downtown light rail system makes for traveling ease.

MIDTOWN

During the latter stages of the building boom, condos and townhouses were
built in the area of NE 36th Street and Biscayne Blvd. Most were originally priced in the $200-400 thousand range. Many are still in the hands of the original developers.

North of Midtown and west to Miami International Airport on NW 42nd Ave, the prices fall rapidly. Neighborhoods west of I 95/ NW 7th Ave are wall-to-wall foreclosures. Asking prices from banks are as little as $12,000 to $50,000. Cheap as the prices are, one should be aware that this is a high crime area.

SOUTH

South of downtown is the Brickell Ave area "the Park Avenue" of the South, mostly high rise condos, forecloses are rare. Surprises do happen. While this article was in preparation, a 2/2 condo in a 1970s building was listed for $166,000. It won't last long.

Below Brickell is Coconut Grove. Once the oldest city in South Florida, it was incorporated into Miami in the 1920's. Large houses with magnificent landscaping, line the streets. Prices are in the $5-30 million range. There are also high rise condos and townhouses of recent vintage that are available at
seriously reduced prices.

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