More multifamily properties are getting included in home auction listings in Hialeah as more condo projects were targeted by foreclosure lawsuits from lenders in April and May.
Three properties at risk of getting sold off are a 48-unit residential apartment building owed by T.A.M.I. Properties and an 18-unit residential property and a 12-unit building owned by Alonso Properties, which were foreclosed upon by Espirito Santo Bank after the owners failed to pay three separate mortgage loans secured by the buildings. One amounted to $2.4 million, the other amounted to $950,000, and the third amounted to $675,000.
M.A.T.Y. Properties also failed to pay Espirito Santo Bank a $3.5 million loan, which it took out to acquire an industrial condo property in a business center in Miami Lakes.
If these companies, which are all owned by the same businessmen, fail to save these buildings or negotiate a deal, they will certainly become bank owned foreclosures and would add to the already huge number of bank owned homes in Florida.
Another Hialeah condo property at risk of entering commercial and home auction listings is a block of 15 condo units in a building along 16th Avenue that features 32 commercial units. The owner, Ruiz Legal Holding Group, failed to pay its $3 million loan taken out from BPD Bank in 2007. Ruiz acquired the property in 2006 for $3.1 million.
Another multifamily property in trouble is a 207-unit complex in Hialeah, whose securities certificate was downgraded by Fitch Ratings after the owner failed to refinance.
Currently, on one major real estate website, there are nearly 6,000 Hialeah bank owned homes, with a median sales price of $169,000. The number on another major property website is higher, which is more than 7,000, with the average price for all home types at $120,463. Another lists 3,674 foreclosures, with the median price for all types at $101,500.
The one positive thing from the surge in home auction listings in Hialeah is the increase in buying opportunities for investors and owner occupant buyers.
Search bank owned home listings in Florida cities:
- Bank owned home listings in Orlando
- Bank owned home listings in Miami
- Bank owned home listings in Tampa
- Bank owned home listings in Jacksonville
- Bank owned home listings in Fort Lauderdale
Related Posts:
- List of Foreclosures in Southwest Florida Features Condos
- Miami Foreclosure Listings Continue to be Loaded with Condos
- Miami Foreclosure List Is Gold Mine for Low-Priced Condos
- Orlando Foreclosure Lists Driving Condo and Home Prices Down
- Condos Entering Foreclosure Property Listing in Charlotte
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