Buyers Purchased Nearly 70 Distressed Condos In Miami Beach In Year 2019

At Least 25 Distressed Miami Beach Condos Listed For Sale During Winter Buying Season

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Feb. 14, 2020) - 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 entire 12 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 during 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 15 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 22 Miami Beach REO condos currently listed for sale is about $341,145 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 12 months of 2019, the average transaction price of a Miami Beach REO condo was more than $329,785 or about $326 per square foot.

This means the current asking price of a Miami Beach REO condo listed for sale is more than three percent higher than the average transaction price achieved on a per-unit basis and nearly 10 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

In the four quarters of 2019, the lenders that were able to unload their REO units needed about 76 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 94, according to the statistics.

On the shortsale front, the average asking price of the three Miami Beach shortsale condos currently listed for sale is more than $2.3 million per unit. This works out to an average asking price of about $506 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2019, the average transaction price of a Miami Beach shortsale condo was about $180,571 or about $230 per square foot.

This means the current asking price of a Miami Beach shortsale condo listed for sale is nearly 1,200 percent higher than the average transaction price achieved on a per-unit basis and about 120 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

In the four quarters of 2019, the sellers that were able to unload their shortsale units needed about 72 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 179 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.

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