Banks are getting higher prices for the condos they foreclosed on in South Florida

There is new information about the South Florida condominium market. It appears that the banks that foreclosed on condos are now getting better prices when they sell those condos they took over during a foreclosure.

Here is the info from www.CondoVultures.com which tracks the South Florida real estate market:

"Buyers paid nearly 15 percent more for a bank-owned condo or townhouse unit in South Florida in the second quarter of 2013 on a year-over-year basis compared to the same April through June period in 2012 as the number of resales decreased by one percent, according to a new report from CondoVultures.com.

"As the number of South Florida bank-owned condo and townhouse resales dropped, the median price for bank-owned units rose by double digits - in percentage terms - in the second quarter of 2013.

"The median transaction price for bank-owned condo and townhouse resales in South Florida increased to about $85 per square foot in the second quarter of 2013 compared to about $74 per square foot in the second quarter of 2012 and about $65 per square foot in the same three-month period in 2011, according to the data."

While you can still get a good deal even if a home requires repairs or renovations, it is important to know what you are taking on. Nice tips!