Nearly 25 Distressed Downtown Fort Lauderdale And Beach Condos Purchased In First Half Of 2017

At Least 6 Distressed Downtown Fort Lauderdale And Beach Condos Currently Listed For Sale

DOWNTOWN MIAMI (Oct. 5, 2017) - At least six distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Downtown Fort Lauderdale and 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 about four units monthly in the first half of 2017, the Downtown Fort Lauderdale and Beach area 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 end of this year’s Summer 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 the Downtown Fort Lauderdale and Beach area. 

On the REO front, the average asking price of the four Downtown Fort Lauderdale and Beach REO condos currently listed for sale is more than $283,850. This works out to an average asking price of $218 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first six months of this year, the average transaction price of a Downtown Fort Lauderdale and Beach REO condo was about $342,830 or about $246 per square foot.

This means the current asking price of a Downtown Fort Lauderdale and Beach REO condo listed for sale is about 17 percent lower than the average transaction price achieved on a per-unit basis and about 11 percent lower than the average transaction price on a per-square-foot basis between January and June of this year.

In the first six months of 2017, the lenders that were able to unload their REO units needed about 70 days to transact a Downtown Fort Lauderdale and Beach condo listed for sale. The current Days-On-The-Market average for a Downtown Fort Lauderdale and Beach REO condo listed for sale is 56, according to the statistics.

On the shortsale front, the average asking price of the two Downtown Fort Lauderdale and Beach shortsale condos currently listed for sale is about $174,500 per unit. This works out to an average asking price of $238 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first six months of this year, the average transaction price of a Downtown Fort Lauderdale and Beach shortsale condo was about $176,400 or about $189 per square foot.

This means the current asking price of a Downtown Fort Lauderdale and Beach shortsale condo listed for sale is about one percent lower than the average transaction price achieved on a per-unit basis and nearly 26 percent higher than the average transaction price on a per-square-foot basis between January and June of this year.

In the first six months of 2017, the sellers that were able to unload their shortsale units needed about 79 days to transact a Downtown Fort Lauderdale and Beach condo listed for sale. The current Days-On-The-Market average for a Downtown Fort Lauderdale and Beach shortsale condo listed for sale is nearly 165, 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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