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A Dozen Distressed Condos For Sale In Sunny Isles Beach

Buyers Purchased 42 Troubled Condos In 2016

DOWNTOWN MIAMI (Feb. 16, 2017) - More than a dozen distressed condo units - a combination of shortsales and real-estate owned (REO) units controlled by lenders - are formally listed for sale in the barrier island city of Sunny Isles 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 nearly four units monthly in 2016, the Sunny Isles Beach market now has about a four-month supply of REO and shortsale units available for purchase at a time when the tricounty region of Miami-Dade, Broward and Palm Beach is at 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 REO front, the average asking price of the nine Sunny Isles Beach condos currently listed for sale is more than $898,500. This works out to an average asking price of $490 per square foot, according to the data compiled by CondoVulturesRealty.com.

In 2016, the average transaction price of a Sunny Isles Beach REO condo was nearly $363,500 or about $279 per square foot.

This means the current asking price of the Sunny Isles Beach REO condos listed for sale is 147 percent higher than the average transaction price achieved on a per-unit basis and about 76 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 112 days to transact a Sunny Isles Beach condo listed for sale. The current Days-On-The-Market average for the Sunny Isles Beach REO condos listed for sale is about 10 days, according to the stats.

On the shortsale front, the asking price of the four Sunny Isles Beach condo currently listed for sale is more than $251,200. This works out to an average asking price of about $246 per square foot, according to the data compiled by CondoVulturesRealty.com.

In 2016, the average transaction price of the Sunny Isles Beach shortsale condos was about $165,000 or about $212 per square foot.

This means the current asking price of the Sunny Isles Beach shortsale condos listed for sale is about 52 percent higher than the average transaction price achieved on a per-unit basis and about 16 percent lower 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 235 days to transact the Sunny Isles Beach condos listed for sale. The current Days-On-The-Market average for the Sunny Isles Beach shortsale condos listed for sale is 75 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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