More Than 15 Distressed Hollywood-Hallandale Beach Condos Listed For Sale At End Of South Florida Winter Buying Season

Buyers Purchased Nearly 40 Distressed Condos In Hollywood-Hallandale Beach In Year 2018

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DOWNTOWN MIAMI (April 11, 2019) - More than 15 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Hollywood-Hallandale 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 more than three units monthly in the 12 months of 2018, Hollywood-Hallandale Beach now has nearly a five-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 end 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 seven distressed condo units are currently under contract - or pending - and waiting to transact in Hollywood-Hallandale Beach. 

On the REO front, the average asking price of the 11 Hollywood-Hallandale Beach REO condos currently listed for sale is about $305,055. This works out to an average asking price of $239 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2018, the average transaction price of a Hollywood-Hallandale Beach REO condo was more than $221,500 or about $204 per square foot.

This means the current asking price of a Hollywood-Hallandale Beach REO condo listed for sale is nearly 38 percent higher than the average transaction price achieved on a per-unit basis and about 17 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 2018, the lenders that were able to unload their REO units needed about 60 days to transact a Hollywood-Hallandale Beach condo listed for sale. The current Days-On-The-Market average for a Hollywood-Hallandale Beach REO condo listed for sale is 63, according to the statistics.

On the shortsale front, the average asking price of the five Hollywood-Hallandale Beach shortsale condos currently listed for sale is more than $337,350 per unit. This works out to an average asking price of about $270 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2018, the average transaction price of the three Hollywood-Hallandale Beach shortsale condos to trade was about $356,667 or about $214 per square foot.

This means the current asking price of a Hollywood-Hallandale Beach shortsale condo listed for sale is about five percent lower than the average transaction price achieved on a per-unit basis and about 26 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 2018, the lenders that were able to unload their shortsale units needed about 136 days to transact a Hollywood-Hallandale Beach condo listed for sale. The current Days-On-The-Market average for a Hollywood-Hallandale Beach shortsale condo listed for sale is 63, 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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