For a good five years there was a steady source of good deals. Short sales and foreclosures made up more than half the listings. Those short sales and bank owned properties are no longer driving the market in South Florida. They haven't for a couple of years now. At one time distressed property sales were at least 75% of my business. Now it's almost zero. Buyers still want a deal but where can you find them in today's market?
I would consider any vacant property a target for an aggressive offer and a potential good deal. These empty homes are costing the owners money every day and they should be the most motivated to sell. Even if they don't appear to be. Best of all they may not be in need of expensive repairs like the foreclosures typical were.
A home may be vacant of any number of reasons.
- The owners have bought a new home already.
- The property is being flipped.
- The owners were transferred out of the area by their employer.
- The owner past away - Estate Sale
- The home was a vacation home and not the primary residence.
A vacant home has carrying costs the owners must contend with, such as:
- Insurance
- Mortgage payments
- Property taxes
- HOA Fees
- Utilities
- Maintenance - Lawn, pool, repairs
On a home with a market value of $500,000 the carrying costs could be as much as $3000 per month. Even if they own the home outright and don't have a mortgage, the equity could be making them a better return elsewhere. This is known as an opportunity cost. A home that is being flipped (fixed up and resold), often have very high interest loans on them. The carrying costs in this case can be even higher.
There are very few homes that are listed right now with prices that look like a real deal. We aren't really in a true sellers market right now, but conditions are slightly in favor of the seller. I have said it before, buyers have to make the deals themselves and not be shy about making offers. Right now I think the best opportunities are those vacant properties. Do you think that someone that has bought their new home already is seriously motivated? What about the flipper paying 10% interest or more. They may not show it with their asking price, but I bet you they really want to sell.
Searching for listings on the major real estate web sites can be difficult. Some will be obvious because the photos show no furniture. It isn't unusual for owners to move out after the photos have been taken though. So just searching visually isn't very accurate. Those sites won't let you filter out the occupied homes either. The MLS will and it is far more accurate. Send me a request for vacant homes and I will make sure you see the deals as they come on the market.
If your number one priority is getting a good price, seek out these hidden opportunities.
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On May 13 my listing at 4556 N Ocean Dr Apt 4, Lauderdale by the Sea closed. The unit is a two bedroom, 2 bath condo with 850 square feet of living space. 
On May 3rd I closed a sale at 2900 NW 42nd Ave Apt 301, Coconut Creek, FL. The 2 bedroom condo is located in the Tradewinds section of
If you have been shopping for a home lately I bet you haven't seen many prices that look like a real bargain to you. It's true. There aren't many. There isn't much low hanging fruit any more like there was 6 or 7 years ago when just about everything was a bargain. Prices have come up considerable from the bottom and it's no longer a buyers market here in early 2016. Perhaps you feel like you missed the boat. But the longer you wait the more you will be missing. Real estate is long term investment. Ten to twenty years from now you will be happy you didn't wait any longer. In the Miami - Fort Lauderdale metro area rose 7.9% from the 4th quarter 2014 to the forth quarter 2015. 
A cash buyer that can close quick will always be in a strong position to make an aggressive offer. A seller may give a larger price concession to someone they know will actually close. A buyer that is financing the purchase is suspect because it can take weeks for a loan application to be approved. If they aren't approved then precious time has been lost.