Nearly 5 Distressed Condos Listed For Sale In Bal Harbour-Surfside-Bay Harbor Islands Amidst COVID-19 Pandemic

No Distressed Bal Harbour-Surfside-Bay Harbor Islands Condos Sold In Q1 2020

DOWNTOWN MIAMI (May 29, 2020) - Nearly five distressed condo units - either a shortsale or real estate owned (REO) by a lender - is formally listed for sale in the Bal Harbour-Surfside-Bay Harbor Islands market of the South Florida county of Miami-Dade amidst the COVID-19 pandemic, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of zero unit monthly in the first three months of 2020, the Bal Harbour-Surfside-Bay Harbor Islands area now has an unknown number of months of 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 the traditional 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.

In this new COVID-19 pandemic era, numerous questions exist about how the South Florida residential real estate market will perform going forward, both in the short- and medium-term periods. After a typical start to the new year, the South Florida residential real estate market began to change dramatically at the end of the first quarter of 2020. 

When Florida Gov. Ron DeSantis declared a "state of emergency to create a pathway to obtain funding and resources to stop the spread of COVID-19" on March 9, 2020, the South Florida residential real estate market continued to function, albeit with changes for safety that included social distancing and a push for virtual tours instead of buyer actually visiting properties.  

Nearly a month later on April 3, 2020, DeSantis instituted a 30-day "statewide stay-at-home order" that effectively shut down the Florida economy but in doing so deemed residential and commercial real estate businesses "essential services," according to an industry press report.

Despite the ability to transact real estate during the "stay-at-home order," it is unclear how many buyers have been willing to view properties - either in person or virtually - in hopes of purchasing residences. It is also unclear how many sellers have opened their properties to potential buyers given the contagiousness of the COVID-19 virus. 

Once the "stay-at-home order" was finally lifted on May 4, 2020 for nearly all of the state - excluding the tricounty South Florida region of Miami-Dade, Broward and Palm Beach - the Florida economy was thought to be in recession like much of the United States. Palm Beach County eventually opened its economy on May 11, 2020, and a week later both Miami-Dade and Broward counties opened for business on a limited basis on May 18, 2020.

This being said, about three distressed condo units are currently under contract - or pending - and waiting to transact in the Bal Harbour-Surfside-Bay Harbor Islands area. 

On the REO front, the asking price of the four Bal Harbour-Surfside-Bay Harbor Islands REO condos currently listed for sale is about $243,450 each. This works out to an average asking price of $243 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first three months of 2020, zero Bal Harbour-Surfside-Bay Harbor Islands REO condos traded.

On the shortsale front, no Bal Harbour-Surfside-Bay Harbor Islands shortsale condo units are currently listed for sale, according to the data compiled by CondoVulturesRealty.com.

In the first three months of 2020, zero Bal Harbour-Surfside-Bay Harbor Islands shortsale condos transacted, 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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