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    CONDO PROJECT TRACKER
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    At Least 10 Distressed Coral Gables Condos Listed For Sale During Winter Buying Season

    Buyers Purchased 10 Distressed Condos In Coral Gables In First 9 Months Of 2018

    (This Report Is Powered By Brickell Ventures LP) 

    DOWNTOWN MIAMI (Dec. 10, 2018) - At least 10 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the city of Coral Gables 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 one unit monthly in the first nine months of 2018, Coral Gables now has more than a nine-month supply of REO and shortsale units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach during 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 two distressed condo units are currently under contract - or pending - and waiting to transact in Coral Gables.

    On the REO front, the asking price of the eight Coral Gables REO condos currently listed for sale is about $342,300. This works out to an average asking price of $284 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the first nine months of 2018, the average transaction price of a Coral Gables REO condo was about $300,304 or about $265 per square foot.

    This means the current asking price of a Coral Gables REO condo listed for sale is about 14 percent higher than the average transaction price achieved on a per-unit basis and more than seven 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 98 days to transact a Coral Gables condo listed for sale. The current Days-On-The-Market average for a Coral Gables REO condo listed for sale is 78, according to the statistics.

    On the shortsale front, the average asking price of the two Coral Gables shortsale condos currently listed for sale is about $374,450 per unit. This works out to an average asking price of $318 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the first nine months of 2018, the average transaction price of a Coral Gables shortsale condo sale was $195,000 or about $253 per square foot.

    This means the current asking price of a Coral Gables shortsale condo listed for sale is about 92 percent higher than the average transaction price achieved on a per-unit basis and nearly 26 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 unit needed 192 days to transact the Coral Gables condo listed for sale. The current Days-On-The-Market average for a Coral Gables shortsale condo listed for sale is about 332, 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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