MIAMI, FL--Foreclosure actions have been filed against the owners of 43 units in the Flamingo South Beach (top left photo) condominium conversion project in the first three months of 2011 by the complex's association, according to a new report from CondoVultures.com. The project's condominium association is seeking nearly $760,000 in past-due monthly maintenance fees used to operate the trendy South Beach condo project fronting Biscayne Bay, according to an analysis of the Condo Vultures® Foreclosure Database™.
The surge in foreclosure filings at the Flamingo South Beach comes at a time when South Florida Lis Pendens actions - the first step in the repossession process - are down by two-thirds on a year-over-year basis to about 6,800 filings in the first quarter of 2011, according to the report.
"At the peak of the market, the Flamingo South Beach condominium was one of the most popular projects for investors," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Buyers were willing to pay a premium for the units in the refurbished 1960s structure as lease rates in the complex achieved some of the highest rents per square foot in South Beach. The condo market has since changed with an increasing number of renters heading across the causeway to the new condos in Greater Downtown Miami."
Located at 1500 Bay Road on the west side of Miami Beach, the Flamingo South Beach condominium units that are in foreclosure with the association have a combined "value" of more than $4.6 million, according to Miami-Dade County records.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
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