At Least 10 Distressed Bal Harbour-Surfside-Bay Harbor Islands Condos Sold In Year 2019

Only 1 Distressed Condo Listed For Sale In Bal Harbour-Surfside-Bay Harbor Islands At Peak Of Winter Buying Season

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Feb. 21, 2020) - Only one distressed condo unit - either a shortsale or real estate owned (REO) by a lender - is 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 nearly one unit monthly in the entire 12 months of 2019, the Bal Harbour-Surfside-Bay Harbor Islands area now has more than a one-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 two distressed condo units are 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 one Bal Harbour-Surfside-Bay Harbor Islands REO condo currently listed for sale is about $265,000. This works out to an average asking price of $267 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2019, the average transaction price of a Bal Harbour-Surfside-Bay Harbor Islands REO condo was nearly $396,040 or about $313 per square foot.

The lenders that were able to unload the REO units needed about 76 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 2019, zero Bal Harbour-Surfside-Bay Harbor Islands shortsale condos transacted, 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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