A report recently released by the Miami-based real estate and consultant firm Condo Vultures found 5,400 townhouses and condominiums, and 600 single-family homes in Miami-Dade, Broward and Palm Beach counties have list prices of $50,000 or less. Many of these properties are cash only deals and may sell for over list price. The vast majority of the buyers of these properties are all-cash investors who are focused on accumulating rental properties.
Broward County had the most properties available under $50,000 with over 2,400 listings.
Palm Beach County was the runner-up, listing over 2,100 cut-rate properties.
Miami-Dade County was in last place with only 1,587 properties.
Breakdown of properties under $50k as of 9/7/2010
Miami-Dade County:
Single Family Homes: 299 Active Listings
Condo/Villa/Townhomes: 1,288 Active Listings
Broward County:
Single Family Homes: 146 Active Listings
Condo/Villa/Townhomes: 2,346 Active Listings
Palm Beach County:
Single Family Homes: 225 Active Listings
Condo/Villa/Townhomes: 1,931 Active Listings
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