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Nearly 300 Distressed South Florida Condos Listed For Sale During Winter Buying Season

Buyers Purchased Nearly 1,400 Distressed Condos In South Florida In Year 2019

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(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Jan. 23, 2020) - Nearly 300 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of nearly 117 units monthly in the entire 12 months of 2019, South Florida now has nearly a three-month supply of REO and shortsale units available for purchase in the tricounty region during the Winter Buying Season, according to the report based on data from the Southeast Florida MLX 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 about 259 distressed condo units are currently under contract - or pending - and waiting to transact. 

On the REO front, the average asking price of the 214 South Florida REO condos currently listed for sale is less than $325,875 per unit. This works out to an average asking price of about $221 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the entire 12 months of 2019, the average transaction price of a South Florida REO condo was more than $176,435 or about $157 per square foot.

This means the current asking price of a South Florida REO condo listed for sale is nearly 85 percent higher than the average transaction price achieved on a per-unit basis and nearly 41 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 58 days to transact a South Florida condo listed for sale. The current Days-On-The-Market average for a South Florida REO condo listed for sale is about 75, according to the statistics.

On the shortsale front, the average asking price of the 77 South Florida shortsale condos currently listed for sale is more than $305,655 per unit. This works out to an average asking price of about $201 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the entire 12 months of 2019, the average transaction price of a South Florida shortsale condo was nearly $171,525 or about $158 per square foot.

This means the current asking price of a South Florida shortsale condo listed for sale is about 78 percent higher than the average transaction price achieved on a per-unit basis and about 27 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 85 days to transact a South Florida condo listed for sale. The current Days-On-The-Market average for a South Florida shortsale condo listed for sale is about 155, 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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Miami, FL 33137
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