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At Least 20 Distressed Hollywood-Hallandale Beach Condos Listed For Sale At Start Of South Florida Winter Buying Season

Buyers Purchased Nearly 30 Distressed Condos In Hollywood-Hallandale Beach In First Nine Months Of 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Nov. 27, 2019) - At least 20 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Hollywood-Hallandale Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of about three units monthly in the first nine months of 2019, Hollywood-Hallandale Beach 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 start 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 six distressed condo units are currently under contract - or pending - and waiting to transact in Hollywood-Hallandale Beach. 

On the REO front, the average asking price of the 16 Hollywood-Hallandale Beach REO condos currently listed for sale is about $376,750. This works out to an average asking price of $240 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Hollywood-Hallandale Beach REO condo was about $187,750 or about $173 per square foot.

This means the current asking price of a Hollywood-Hallandale Beach REO condo listed for sale is nearly 101 percent higher than the average transaction price achieved on a per-unit basis and nearly 39 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of 2019, the lenders that were able to unload their REO units needed about 65 days to transact a Hollywood-Hallandale Beach condo listed for sale. The current Days-On-The-Market average for a Hollywood-Hallandale Beach REO condo listed for sale is 76, according to the statistics.

On the shortsale front, the average asking price of the four Hollywood-Hallandale Beach shortsale condos currently listed for sale is more than $287,500 per unit. This works out to an average asking price of about $236 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the transaction price of the three Hollywood-Hallandale Beach shortsale condos to trade was about $259,000 or about $209 per square foot.

This means the current asking price of a Hollywood-Hallandale Beach shortsale condo listed for sale is about 11 percent higher than the average transaction price achieved on a per-unit basis and nearly 13 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of 2019, the lenders that were able to unload their shortsale units needed about 73 days to transact a Hollywood-Hallandale Beach condo listed for sale. The current Days-On-The-Market average for a Hollywood-Hallandale Beach shortsale condo listed for sale is 75, 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.