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    CONDO PROJECT TRACKER
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    Buyers Purchased More Than 560 Distressed Condos In South Florida's Broward County In Year 2018

    At Least 116 Broward County Distressed Condos Listed For Sale At Peak Of South Florida Winter Buying Season

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (Feb. 4, 2019) - More than 115 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

    Based on distressed condo sales of about 47 units monthly in the 12 months of 2018, Broward County now has nearly 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 at the peak 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 about 130 distressed condo units are currently under contract - or pending - and waiting to transact in Broward County. 

    On the REO front, the average asking price of the 77 Broward County REO condos currently listed for sale is about $188,827. This works out to an average asking price of $157 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2018, the average transaction price of a Broward County REO condo was less than $121,225 or about $114 per square foot.

    This means the current asking price of a Broward County REO condo listed for sale is nearly 56 percent higher than the average transaction price achieved on a per-unit basis and about 38 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

    In the four quarters of 2018, the lenders that were able to unload their REO units needed about 48 days to transact a Broward County condo listed for sale. The current Days-On-The-Market average for a Broward County REO condo listed for sale is about 82, according to the statistics.

    On the shortsale front, the average asking price of the 39 Broward County shortsale condos currently listed for sale is nearly $150,060 per unit. This works out to an average asking price of $137 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2018, the average transaction price of a Broward County shortsale condo was about $124,853 or about $115 per square foot.

    This means the current asking price of a Broward County shortsale condo listed for sale is about 20 percent higher than the average transaction price achieved on a per-unit basis and about 19 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

    In the four quarters of 2018, the sellers that were able to unload their shortsale units needed about 100 days to transact a Broward County condo listed for sale. The current Days-On-The-Market average for a Broward County shortsale condo listed for sale is 144, 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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