Buyers Purchased More Than 50 Distressed Condos In Miami Beach In First Nine Months Of 2019

At Least 25 Distressed Miami Beach Condos Listed For Sale Before Start Of Winter Buying Season

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DOWNTOWN MIAMI (Oct. 8, 2019) - At least 25 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Miami Beach market of South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of nearly six units monthly in the first nine months of 2019, Miami Beach now has more than a four-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 about 19 distressed condo units are currently under contract - or pending - and waiting to transact in Miami Beach.

On the REO front, the average asking price of the 19 Miami Beach REO condos currently listed for sale is about $421,505 per unit. This works out to an average asking price of about $358 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Miami Beach REO condo was more than $309,085 or about $330 per square foot.

This means the current asking price of a Miami Beach REO condo listed for sale is about 36 percent higher than the average transaction price achieved on a per-unit basis and nearly nine 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 69 days to transact a Miami Beach condo listed for sale. The current Days-On-The-Market average for a Miami Beach REO condo listed for sale is about 82, according to the statistics.

On the shortsale front, the average asking price of the six Miami Beach shortsale condos currently listed for sale is less than $1.4 million per unit. This works out to an average asking price of about $490 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Miami Beach shortsale condo was about $193,800 or about $239 per square foot.

This means the current asking price of a Miami Beach shortsale condo listed for sale is nearly 614 percent higher than the average transaction price achieved on a per-unit basis and about 105 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 50 days to transact a Miami Beach condo listed for sale. The current Days-On-The-Market average for a Miami Beach shortsale condo listed for sale is more than 574 days, 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.