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    At Least 10 Distressed Hollywood-Hallandale Beach Condos Listed For Sale During South Florida Winter Buying Season

    Buyers Purchased 30 Distressed Condos In Hollywood-Hallandale Beach In First 9 Months Of 2018

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (Jan. 7, 2019) - At least 10 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Hollywood-Hallandale Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

    Based on distressed condo sales of about three units monthly in the first nine months of 2018, Hollywood-Hallandale Beach now has about a three-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 nine distressed condo units are currently under contract - or pending - and waiting to transact in Hollywood-Hallandale Beach. 

    On the REO front, the average asking price of the six Hollywood-Hallandale Beach REO condos currently listed for sale is about $341,117. This works out to an average asking price of $299 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the first nine months of 2018, the average transaction price of a Hollywood-Hallandale Beach REO condo was less than $228,500 or about $202 per square foot.

    This means the current asking price of a Hollywood-Hallandale Beach REO condo listed for sale is about 49 percent higher than the average transaction price achieved on a per-unit basis and about 48 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 lenders that were able to unload their REO units needed about 56 days to transact a Hollywood-Hallandale Beach condo listed for sale. The current Days-On-The-Market average for a Hollywood-Hallandale Beach REO condo listed for sale is 105, according to the statistics.

    On the shortsale front, the average asking price of the four Hollywood-Hallandale Beach shortsale condos currently listed for sale is less than $178,500 per unit. This works out to an average asking price of about $201 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the first nine months of 2018, the transaction price of the single Hollywood-Hallandale Beach shortsale condo to trade was about $650,000 or about $365 per square foot.

    This means the current asking price of a Hollywood-Hallandale Beach shortsale condo listed for sale is nearly 73 percent lower than the average transaction price achieved on a per-unit basis and about 45 percent lower 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 lender that was able to unload its shortsale unit needed about 200 days to transact a Hollywood-Hallandale Beach condo listed for sale. The current Days-On-The-Market average for a Hollywood-Hallandale Beach shortsale condo listed for sale is 46, 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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