It's no surprise that every client that I work with is interested in getting a great deal on a property. A fair amount of them are only interested in looking at bank owned properties, figuring that is where they can get the best deal. Recently, bidding wars have been breaking out for bank owned properties as a result of high demand and low list prices.
In order to capitalize on the demand for attractively priced properties, real estate "flippers" have returned to Miami albeit in a slightly different form. Flippers purchase properties at the daily foreclosure sales held by the Miami-Dade County Clerk of the Courts and then list them for resale on the open market. In buildings where there have been a lot of foreclosures such as the Club at Brickell Bay (1200 Brickell Bay Drive), there are several units currently attempting to be flipped by these auction investors. This trend has not gone unnoticed by the mainstream media. The Wall Street Journal just published an article entitled "House Flipping Makes a Comeback" on the subject.
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