Buyers Purchased 7 Distressed Condos In Coral Gables In First 9 Months Of 2019

At Least 2 Distressed Coral Gables Condos Listed For Sale Before Start Of South Florida Winter Buying Season

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Nov. 12, 2019) - Only two distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the city of Coral Gables in 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, Coral Gables now has nearly 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 one distressed condo unit is currently under contract - or pending - and waiting to transact in Coral Gables.

On the REO front, the asking price of the single Coral Gables REO condos currently listed for sale is about $424,900. This works out to an average asking price of $287 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Coral Gables REO condo was about $291,905 or about $269 per square foot.

This means the current asking price of a Coral Gables REO condo listed for sale is nearly 46 percent higher than the average transaction price achieved on a per-unit basis and nearly seven 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 107 days to transact a Coral Gables condo listed for sale. The current Days-On-The-Market average for a Coral Gables REO condo listed for sale is 111, according to the statistics.

On the shortsale front, the asking price of the one Coral Gables shortsale condo currently listed for sale is about $185,000. This works out to an average asking price of $243 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, no shortsale condos transacted in Coral Gables.

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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