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    At Least 5 Distressed Coral Gables Condos Listed For Sale At Peak Of South Florida Winter Buying Season

    Buyers Purchased 13 Distressed Condos In Coral Gables In Year 2018

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (March 29, 2019) - At least five distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the city of Coral Gables in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

    Based on distressed condo sales of about one unit monthly in the 12 months of 2018, Coral Gables now has less than a five-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 Coral Gables.

    On the REO front, the asking price of the four Coral Gables REO condos currently listed for sale is about $293,425. This works out to an average asking price of $268 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2018, the average transaction price of a Coral Gables REO condo was about $307,347 or about $272 per square foot.

    This means the current asking price of a Coral Gables REO condo listed for sale is nearly 5 percent lower than the average transaction price achieved on a per-unit basis and nearly two 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 lenders that were able to unload their REO units needed about 101 days to transact a Coral Gables condo listed for sale. The current Days-On-The-Market average for a Coral Gables REO condo listed for sale is 169, according to the statistics.

    On the shortsale front, the asking price of the one Coral Gables shortsale condo currently listed for sale is about $329,000. This works out to an average asking price of $280 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2018, the transaction price of the single Coral Gables shortsale condo sale was $195,000 or about $253 per square foot.

    This means the current asking price of a Coral Gables shortsale condo listed for sale is nearly 69 percent higher than the average transaction price achieved on a per-unit basis and nearly 11 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 seller that were able to unload this shortsale unit needed 192 days to transact the Coral Gables condo listed for sale. The current Days-On-The-Market average for a Coral Gables shortsale condo listed for sale is about 769, 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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