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Blog Home » SOUTH FLORIDA MARKET INTELLIGENCE REPORT » Buyers Purchased Nearly 25 Distressed Condos In Sunny Isles Beach In First Nine Months Of 2019

Buyers Purchased Nearly 25 Distressed Condos In Sunny Isles Beach In First Nine Months Of 2019

At Least 7 Distressed Sunny Isles Beach Condos Listed For Sale Before South Florida Winter Buying Season

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Oct. 23, 2019) - At least seven distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Sunny Isles Beach 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 more than two units monthly in the first nine months of 2019, Sunny Isles Beach 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 eight distressed condo units are currently under contract - or pending - and waiting to transact in Sunny Isles Beach. 

On the REO front, the asking price of the six Sunny Isles Beach REO condo currently listed for sale is more than $516,315. This works out to an average asking price of $346 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Sunny Isles Beach REO condo was about $283,558 or about $228 per square foot.

This means the current asking price of a Sunny Isles Beach REO condo listed for sale is about 82 percent higher than the average transaction price achieved on a per-unit basis and nearly 52 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 94 days to transact a Sunny Isles Beach condo listed for sale. The current Days-On-The-Market average for a Sunny Isles Beach REO condo listed for sale is 66, according to the statistics.

On the shortsale front, the average asking price of the one Sunny Isles Beach shortsale condo currently listed for sale is about $796,800 per unit. This works out to an average asking price of $629 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, four Sunny Isles Beach shortsale condos transacted at a price of about $230,250 or about $213 per square foot, according to the statistics.

This means the current asking price of a Sunny Isles Beach shortsale condo listed for sale is about 246 percent higher than the average transaction price achieved on a per-unit basis and about 195 percent lower 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 the shortsale units needed about 152 days to transact a Sunny Isles Beach condo listed for sale. The current Days-On-The-Market average for a Sunny Isles Beach shortsale condo listed for sale is 35, 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.