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Nearly 100 Distressed Condo Units Traded In Greater Downtown Miami In Year 2019

More Than 15 Distressed Condos Listed For Sale In Greater Downtown Miami During Winter Buying Season

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Feb. 6, 2020) - More than 15 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Greater Downtown Miami market of South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of nearly eight units monthly in the entire 12 months of 2019, Greater Downtown Miami now has more than a two-month supply of shortsale and REO 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 Flordia 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 18 distressed condo units are currently under contract - or pending - and waiting to transact in Greater Downtown Miami. 

On the REO front, the average asking price of the 11 Greater Downtown Miami REO condos currently listed for sale is about $970,900 per unit. This works out to an average asking price of $440 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of the 84 Greater Downtown Miami REO condos was nearly $331,750 or about $304 per square foot.

This means the current asking price of a Greater Downtown Miami REO condo listed for sale is nearly 193 percent higher than the average transaction price achieved on a per-unit basis and nearly 45 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 73 days to transact a Greater Downtown Miami condo listed for sale. The current Days-On-The-Market average for a Greater Downtown Miami REO condo listed for sale is about 93, according to the statistics.

On the shortsale front, the average asking price of the five Greater Downtown Miami shortsale condos currently listed for sale is about $454,000 per unit. This works out to an average asking price of $358 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2019, the price of the nine Greater Downtown Miami shortsale condo transactions was about $236,655 or about $290 per square foot.

This means the current asking price of a Greater Downtown Miami shortsale condo listed for sale is nearly 92 percent higher than the average transaction price achieved on a per-unit basis and more than 23 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 144 days to transact the Greater Downtown Miami condo listed for sale. The current Days-On-The-Market average for a Greater Downtown Miami shortsale condo listed for sale is about 163, 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.