At Least 25 Distressed Aventura Condos Listed For Sale Before Start Of South Florida Winter Buying Season

Buyers Purchased Nearly 30 Distressed Condos In Aventura In First Nine Months Of 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Oct. 31, 2019) - At least 25 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Aventura market of South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of more than three units monthly in the first nine months of 2019, Aventura now has nearly an eight-month supply of REO and shortsale units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach before 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 12 distressed condo units are currently under contract - or pending - and waiting to transact in Aventura. 

On the REO front, the asking price of the 20 Aventura REO condos currently listed for sale is about $381,855. This works out to an average asking price of $258 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Aventura REO condo was more than $278,600 or about $193 per square foot.

This means the current asking price of a Aventura REO condo listed for sale is about 37 percent higher than the average transaction price achieved on a per-unit basis and nearly 34 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 76 days to transact a Aventura condo listed for sale. The current Days-On-The-Market average for a Aventura REO condo listed for sale is 96, according to the statistics.

On the shortsale front, the average asking price of the five Aventura shortsale condos currently listed for sale is about $285,800 per unit. This works out to an average asking price of $210 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Aventura shortsale condo sales was about $277,910 or about $201 per square foot.

This means the current asking price of a Aventura shortsale condo listed for sale is nearly three percent higher than the average transaction price achieved on a per-unit basis and nearly five 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 sellers that were able to unload their shortsale units needed 36 days to transact the Aventura condos listed for sale. The current Days-On-The-Market average for an Aventura shortsale condo listed for sale is about 179, 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.