At Least 5 Distressed Condos Listed For Sale In Bal Harbour-Surfside-Bay Harbor Islands Market Before Start Of South Florida Winter Buying Season

Only 3 Distressed Bal Harbour-Surfside-Bay Harbor Islands Condos Sold In First Nine Months Of 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Oct. 16, 2019) - At least five distressed condo units - either a shortsale or real estate owned (REO) by a lender - are 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 2019, the Bal Harbour-Surfside-Bay Harbor Islands area now has nearly a 17-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 four 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 four Bal Harbour-Surfside-Bay Harbor Islands REO condos currently listed for sale is about $340,100. This works out to an average asking price of $313 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Bal Harbour-Surfside-Bay Harbor Islands REO condo was nearly $663,300 or about $477 per square foot.

The lenders that were able to unload the REO units needed about 46 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, only one Bal Harbour-Surfside-Bay Harbor Islands shortsale condo unit is currently listed for sale is about $250,000. This works out to an average asking price of $238 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine 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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