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Nearly 40 Distressed Miami Beach Condos Currently Listed For Sale

Buyers Purchased 43 Distressed Condos In Miami Beach In First Half Of 2017

DOWNTOWN MIAMI (Aug. 10, 2017) - Nearly 40 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Miami Beach market of South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of about seven units monthly in the first half of 2017, Miami Beach now has more than a five-month supply of REO and shortsale units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach during this year’s Summer 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.

It is worth noting that 33 distressed condo units are currently under contract - or pending - and waiting to transact in Miami Beach. 

On the REO front, the average asking price of the 30 Miami Beach REO condos currently listed for sale is more than $440,665 per unit. This works out to an average asking price of $446 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first six months of this year, the average transaction price of a Miami Beach REO condo was more than $310,500 or about $311 per square foot.

This means the current asking price of a Miami Beach REO condo listed for sale is nearly 42 percent higher than the average transaction price achieved on a per-unit basis and about 43 percent higher than the average transaction price on a per-square-foot basis between January and June of this year.

In the first six months of 2017, the lenders that were able to unload their REO units needed about 85 days to transact a Miami Beach condo listed for sale. The current Days-On-The-Market average for a Miami Beach REO condo listed for sale is about 202, according to the statistics.

On the shortsale front, the average asking price of the seven Miami Beach shortsale condos currently listed for sale is more than $279,700 per unit. This works out to an average asking price of $352 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first half of 2017, the average transaction price of a Miami Beach shortsale condo was more than $294,425 or about $348 per square foot.

This means the current asking price of a Miami Beach shortsale condo listed for sale is about five percent lower than the average transaction price achieved on a per-unit basis and about one percent higher than the average transaction price on a per-square-foot basis between January and June of this year.

In the first six months of 2017, the sellers that were able to unload their shortsale units needed about 63 days to transact a Miami Beach condo listed for sale. The current Days-On-The-Market average for a Miami Beach shortsale condo listed for sale is more than 732 days, according to the statistics.

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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