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Nearly 30 Distressed Condos Listed For Sale In Greater Downtown Miami Before Winter Buying Season

More Than 70 Distressed Condos Traded In Greater Downtown Miami In First Nine Months Of 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Oct. 3, 2019) - Nearly 30 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 about eight units monthly in the first nine months of 2019, Greater Downtown Miami now has nearly a four-month supply of shortsale and REO units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach before the start of 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 17 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 17 Greater Downtown Miami REO condos currently listed for sale is more than $597,740 per unit. This works out to an average asking price of $409 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of the 67 Greater Downtown Miami REO condos was nearly $322,625 or about $300 per square foot.

This means the current asking price of a Greater Downtown Miami REO condo listed for sale is more than 85 percent higher than the average transaction price achieved on a per-unit basis and about 36 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of 2019, the lenders that were able to unload their REO units needed about 67 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 102, according to the statistics.

On the shortsale front, the average asking price of the 12 Greater Downtown Miami shortsale condos currently listed for sale is more than $385,865 per unit. This works out to an average asking price of $344 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the price of the six Greater Downtown Miami shortsale condo transactions was about $195,150 or about $254 per square foot.

This means the current asking price of a Greater Downtown Miami shortsale condo listed for sale is nearly 98 percent higher than the average transaction price achieved on a per-unit basis and about 35 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of 2019, the sellers that were able to unload their shortsale units needed about 124 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 139, 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.