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  • PRECONSTRUCTION
    CONDO PROJECT TRACKER
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    More Than 850 South Florida Condo-Hotel Units For Sale During Winter Buying Season

    Condo-Hotel Units Typically Permit Short-Term Rentals For Home-Sharing Services Such As AirBNB

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (Jan. 2, 2019) - More than 850 condo-hotel units - which typically permit short-term rentals for home-sharing services such as AirBNB - are formally listed for sale in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach, according to a new report from Condo Vultures® Realty LLC. 

    Based on monthly condo-hotel sales of nearly 28 units in the first three quarters of 2018, South Florida now has nearly a 31-month supply of units available for purchase in the tricounty region 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 this report only tracks those South Florida condo-hotel units formally listed for sale. The report does not factor in the nearly 47,450 new condo units currently in the development pipeline east of Interstate 95 in the tricounty region. 

    (For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.) 

    Currently, less than 30 South Florida condo-hotel units are under contract and waiting to transact - or pending - at an average asking price of nearly $490,930 each or about $598 per square foot, according to the statistics. 

    The average asking price of a South Florida condo-hotel currently listed for sale is nearly $680,110 per unit. This works out to an average asking price of about $707 per square foot, according to the data compiled by CondoVulturesRealty.com

    In the first nine months of 2018, the average transaction price of a South Florida condo-hotel unit was less than $455,885 each or about $577 per square foot, according to the statistics. 

    This means the current asking price of a South Florida condo-hotel unit listed for sale is about 49 percent higher than the average transaction price achieved on a per-unit basis and nearly 23 percent higher than the average transaction price on a per-square-foot basis between January and September of last year. 

    In the first three quarters of 2018, the sellers who were able to unload their units needed about 145 days to transact a South Florida condo-hotel unit listed for sale. The current Days-On-The-Market average for a South Florida condo-hotel unit listed for sale is about 260, according to the statistics. 

    The number of Days-On-The-Market for the condo-hotel units currently under contract is 167, 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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