At Least 4 Distressed Bal Harbour-Surfside-Bay Harbor Islands Condos Sold In First 9 Months Of 2018

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

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Nov. 15, 2018) - 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 less than one unit monthly in the first nine months of 2018, the Bal Harbour-Surfside-Bay Harbor Islands area now has about a three-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 three 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, no Bal Harbour-Surfside-Bay Harbor Islands REO condo units are currently listed for sale, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2018, the average transaction price of a Bal Harbour-Surfside-Bay Harbor Islands REO condo was about $170,410 or about $192 per square foot.

The lenders that were able to unload the REO units needed about 73 days to transact a Bal Harbour-Surfside-Bay Harbor Islands condo listed for sale between January and September of this year, according to the statistics.

On the shortsale front, the asking price of the one Bal Harbour-Surfside-Bay Harbor Islands shortsale condo currently listed for sale is about $270,000. This works out to an average asking price of $272 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2018, no Bal Harbour-Surfside-Bay Harbor Islands shortsale condos were transacted.

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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