One list of foreclosures in Collier County, Florida features condos that would be auctioned off in the first week of December. In addition to this list, there are also other listings that feature condo units in several foreclosed condo complexes in Collier.
The condo units that would be sold off in December by Miami-based Real Estate Empire in an auction are part of the 248-unit Granada Lakes Villas condo complex in the eastern part of Collier. The complex sits on 40 acres and features four lakes, a fitness center, two large swimming pools, a clubhouse and a spa center.
The developer, Coral Gables-based Metro-Dade Investments Company, wants to sell all the remaining unoccupied units so it has decided to sell them in an auction. Based on property filings in Collier County, Metro-Dade still owns over 50 condo units at Granada Lakes.
The condo complex was formerly an apartment building. When it was converted into condos in 2004 to join the condo conversion boom in Southwest Florida, the owners failed to sell the condo units at the pace and price they expected.
Since January 2007, 58 condo units at Granada Lakes have entered the area’s list of foreclosures, with 38 units all foreclosed over the past 12 months. Ross McIntosh, a real estate broker based in Naples, said that foreclosures in the condo complex have been accelerating over the past year and that most of the foreclosures were bought back by the lenders.
The condo units for sale include one-bedroom and two-bedroom units that range in size from 634 to 1,181 square feet. Although the units are scheduled to be auctioned off in December, prospective buyers can buy them before the auction.
McIntosh said that 28 condo units at Granada Lakes were sold over the past 12 months, with $55,000 as the highest price and $19,800 as the lowest price paid.
He added that there are currently four condo units being sold, aside from the condo units to be auctioned off by Metro-Dade. Two units are bank-owned, priced at $39,900 and $23,900. The two other condo units are being sold by individual owners at $89,900 and $58,000.
Based on county records, over 100 condo units at Granada Lakes have been hit with default and foreclosure notices, with many of them eventually going into list of foreclosures. These filings have also been putting pressure on condo prices, according to McIntosh.
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