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    At Least 7 Distressed Sunny Isles Beach Condos Listed For Sale At Peak Of South Florida Winter Buying Season

    Buyers Purchased 20 Distressed Condos In Sunny Isles Beach In Year 2018

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (March 13, 2019) - At least seven distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Sunny Isles Beach 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 two units monthly in the 12 months of 2018, Sunny Isles Beach now has more than a four-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 eight distressed condo units are currently under contract - or pending - and waiting to transact in Sunny Isles Beach. 

    On the REO front, the asking price of the six Sunny Isles Beach REO condo currently listed for sale is nearly $883,135. This works out to an average asking price of $354 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2018, the average transaction price of a Sunny Isles Beach REO condo was about $327,555 or about $286 per square foot.

    This means the current asking price of a Sunny Isles Beach REO condo listed for sale is nearly 170 percent higher than the average transaction price achieved on a per-unit basis and about 24 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 50 days to transact a Sunny Isles Beach condo listed for sale. The current Days-On-The-Market average for a Sunny Isles Beach REO condo listed for sale is 98, according to the statistics.

    On the shortsale front, the average asking price of the one Sunny Isles Beach shortsale condo currently listed for sale is about $749,000 per unit. This works out to an average asking price of $320 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2018, only two Sunny Isles Beach shortsale condo transacted at a price of $168,500 or about $215 per square foot, according to the statistics.

    This means the current asking price of a Sunny Isles Beach shortsale condo listed for sale is about 345 percent higher than the average transaction price achieved on a per-unit basis and about 49 percent lower 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 lender that was able to unload the shortsale unit needed about 61 days to transact a Sunny Isles Beach condo listed for sale. The current Days-On-The-Market average for a Sunny Isles Beach shortsale condo listed for sale is 776, 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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