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    4 Months Of Distressed Condo Supply For Sale In Miami Beach

    39 Distressed Condos Currently Available For Purchase In Miami Beach

    DOWNTOWN MIAMI (Feb. 2, 2017) - Nearly 40 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the barrier island of Miami Beach in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

    Based on distressed condo sales of about 10 units monthly in 2016, Miami Beach now has a four-month supply of distressed units available for purchase in the world-famous tourist town at a time when the tricounty region of Miami-Dade, Broward and Palm Beach is near the peak of this year’s critical Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange.

    A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

    On the shortsale front, the average asking price of the nine Miami Beach shortsale condos currently listed for sale is more than $395,400 per unit. This works out to an average asking price of $407 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In 2016, the average transaction price of a Miami Beach shortsale condo was less than $298,800 or about $331 per square foot.

    This means the current asking price of a Miami Beach shortsale condo listed for sale is about 32 percent higher than the average transaction price achieved on a per-unit basis and about 23 percent higher than the average transaction price on a per-square-foot basis in 2016.

    Last year, the sellers who were able to unload their shortsale units needed 222 days to transact a Miami Beach condo listed for sale. The current Days-On-The-Market average for Miami Beach shortsale condos listed for sale is nearly 263 days, according to the stats.

    On the REO front, the average asking price of the 30 Miami Beach REO condos currently listed for sale is nearly $396,200 per unit. This works out to an average asking price of $363 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In 2016, the average transaction price of a Miami Beach REO condo was more than $291,500 or about $347 per square foot.

    This means the current asking price of a Miami Beach REO condo listed for sale is nearly 36 percent higher than the average transaction price achieved on a per-unit basis and nearly five percent higher than the average transaction price on a per-square-foot basis in 2016.

    Last year, the lenders that were able to unload their REO units needed nearly 116 days to transact a Miami Beach condo listed for sale. The current Days-On-The-Market average for Miami Beach REO condos listed for sale is about 57 days, according to the stats.

    CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

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