Florida foreclosure filings account for 16 percent of nation's total
South Florida's tri-county region saw foreclosure filings spike in the first quarter of 2010, up nearly 110 percent year-over-year in Palm Beach County, 67 percent in Broward and 60 percent in Miami-Dade, according to national real estate foreclosure tracking company RealtyTrac, which released its monthly market report Thursday. Statewide, more than 153,000 Florida properties, roughly 16 percent of the nation's total, were hit with foreclosure filings in the first quarter, up 7 percent from the quarter before and 28.79 percent over the first quarter of 2009.
Icon BrickellWhile sales at Miami's Icon Brickell, South Florida's largest new condo project, which launched in 2008, may have picked up in the first quarter of the year, closing prices haven't been so hot. Developer Related Group sold 162 units at the condo during the first quarter of the year, according to Condo Vultures, but the average sales price was $404 per square foot, down around 26 percent from the $543-per-square-foot average sales price seen before. [SFBJ]
South Florida's top distressed properties
Gallery at Cocowalk in Coconut GroveIt's not just the South Florida residential market feeling the pain. Some of the region's most high-profile developments, from office buildings to hotels and shopping malls, are 60 or 90 days past due on their mortgages, putting them in the same sinking boat as scores of underwater South Florida homeowners. The Real Deal ranked the top 10 properties with the greatest amount of distressed CMBS debt (see chart here). By Luis F. Perez"
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