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    CONDO PROJECT TRACKER
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    Nearly 5 Distressed Condos Listed For Sale In Bal Harbour-Surfside-Bay Harbor Islands Market At Peak Of Winter Buying Season

    At Least 7 Distressed Bal Harbour-Surfside-Bay Harbor Islands Condos Sold In Year 2018

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (March 4, 2019) - Nearly five distressed condo units - either a shortsale or real estate owned (REO) by a lender - are formally listed for sale in the Bal Harbour-Surfside-Bay Harbor Islands market of the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

    Based on distressed condo sales of less than one unit monthly in the 12 months of 2018, the Bal Harbour-Surfside-Bay Harbor Islands area now has nearly a seven-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 one distressed condo unit is currently under contract - or pending - and waiting to transact in the Bal Harbour-Surfside-Bay Harbor Islands area. 

    On the REO front, the asking price of the four Bal Harbour-Surfside-Bay Harbor Islands REO condo currently listed for sale is nearly $608,000. This works out to an average asking price of $467 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2018, the average transaction price of a Bal Harbour-Surfside-Bay Harbor Islands REO condo was about $177,340 or about $190 per square foot.

    The lenders that were able to unload the REO units needed about 90 days to transact a Bal Harbour-Surfside-Bay Harbor Islands condo listed for sale between January and December of last year, according to the statistics.

    On the shortsale front, no Bal Harbour-Surfside-Bay Harbor Islands shortsale condo units are currently listed for sale, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2018, only one Bal Harbour-Surfside-Bay Harbor Islands shortsale condo transacted at a price of about $152,000 or about $219 per square foot.

    The lender that was able to unload the shortsale unit needed about 86 days to transact a Bal Harbour-Surfside-Bay Harbor Islands condo listed for sale between January and December of last year, 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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