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  • PRECONSTRUCTION
    CONDO PROJECT TRACKER
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    More Than 30 Distressed Miami Beach Condos Listed For Sale Before Start Of Winter Buying Season

    Buyers Purchased At Least 60 Distressed Condos In Miami Beach In First Nine Months Of 2018

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (Nov. 7, 2018) - At least 32 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 nearly seven units monthly in the first nine months of 2018, Miami Beach now has nearly 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 before the start of the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

    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 13 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 24 Miami Beach REO condos currently listed for sale is about $375,358 per unit. This works out to an average asking price of about $436 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the first nine months of 2018, the average transaction price of a Miami Beach REO condo was nearly $360,000 or about $342 per square foot.

    This means the current asking price of a Miami Beach REO condo listed for sale is about four percent higher than the average transaction price achieved on a per-unit basis and nearly 28 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

    In the first three quarters of 2018, the lenders that were able to unload their REO units needed about 74 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 64, according to the statistics.

    On the shortsale front, the average asking price of the eight Miami Beach shortsale condos currently listed for sale is more than $2.1 million per unit. This works out to an average asking price of about $569 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the first nine months of 2018, the average transaction price of a Miami Beach shortsale condo was about $224,375 or about $246 per square foot.

    This means the current asking price of a Miami Beach shortsale condo listed for sale is nearly 852 percent higher than the average transaction price achieved on a per-unit basis and more than 131 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

    In the first three quarters of 2018, the sellers that were able to unload their shortsale units needed about 18 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 397 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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