Buyers Purchased 17 Distressed Downtown Fort Lauderdale And Beach Condos In First Nine Months Of 2019

At Least 6 Distressed Downtown Fort Lauderdale And Beach Condos Listed For Sale At Start Of Winter Buying Season

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Dec. 6, 2019) - At least six distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Downtown Fort Lauderdale and 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 nearly two-units monthly in the first nine months of 2019, the Downtown Fort Lauderdale and Beach area now has more than 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 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 four distressed condo units are currently under contract - or pending - and waiting to transact in the Downtown Fort Lauderdale and Beach area. 

On the REO front, the average asking price of the four Downtown Fort Lauderdale and Beach REO condos currently listed for sale is about $556,938. This works out to an average asking price of $365 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of this 2019, the average transaction price of a Downtown Fort Lauderdale and Beach REO condo was about $253,635 or about $215 per square foot.

This means the current asking price of a Downtown Fort Lauderdale and Beach REO condo listed for sale is nearly 120 percent higher than the average transaction price achieved on a per-unit basis and nearly 70 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 78 days to transact a Downtown Fort Lauderdale and Beach condo listed for sale. The current Days-On-The-Market average for a Downtown Fort Lauderdale and Beach REO condo listed for sale is 230, according to the statistics.

On the shortsale front, the average asking price of the two Downtown Fort Lauderdale and Beach shortsale condos currently listed for sale is about $242,450. This works out to an average asking price of $373 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Downtown Fort Lauderdale and Beach shortsale condo was about $238,250 or about $226 per square foot.

This means the current asking price of a Downtown Fort Lauderdale and Beach shortsale condo listed for sale is about two percent higher than the average transaction price achieved on a per-unit basis and about 65 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 about 147 days to transact a Downtown Fort Lauderdale and Beach condo listed for sale. The current Days-On-The-Market average for a Downtown Fort Lauderdale and Beach shortsale condo listed for sale is about 95, 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.

More Info