More Than 6 Distressed Hollywood / Hallandale Beach Condos Currently Listed For Sale

Buyers Purchased 12 Distressed Condos In Hollywood / Hallandale Beach In Q1 2017

DOWNTOWN MIAMI (June 22, 2017) - More than six distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Hollywood / Hallandale Beach market in South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of about four units monthly in the first quarter of 2017, Hollywood / Hallandale Beach now has less than a two-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 start of this year’s Summer Buying Season, according to the report based on data from the Southeast Florida MLXchange.

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 13 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 three Hollywood / Hallandale Beach REO condos currently listed for sale is more than $273,040. This works out to an average asking price of $208 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first three months of this year, the average transaction price of a Hollywood / Hallandale Beach REO condo was less than $278,030 or about $227 per square foot.

This means the current asking price of a Hollywood / Hallandale Beach REO condo listed for sale is nearly two percent lower than the average transaction price achieved on a per-unit basis and more than eight percent lower than the average transaction price on a per-square-foot basis between January and March of this year.

In the first three months of 2017, the lenders that were able to unload their REO units needed about 117 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 zero, according to the statistics.

On the shortsale front, the average asking price of the four Hollywood / Hallandale Beach shortsale condos currently listed for sale is about $196,000 per unit. This works out to an average asking price of $234 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first quarter of 2017, no Hollywood / Hallandale Beach shortsale condos were transacted.

The current Days-On-The-Market average for a Hollywood / Hallandale Beach shortsale condo listed for sale is zero, 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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