Buyers Purchased 5 Distressed Condos In Downtown Boca Raton And Beach Area In First Nine Months Of 2019

No Distressed Downtown Boca Raton And Beach Condos Currently Listed For Sale

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DOWNTOWN MIAMI (Dec. 18, 2019) - No distressed condo units - neither shortsales nor real estate owned (REO) by lenders - are formally listed for sale in the Downtown Boca Raton and Beach market in South Florida county of Palm Beach, according to a new report from Condo Vultures® Realty LLC.

In the first nine months of 2019, buyers purchased less than one distressed unit monthly in the Downtown Boca Raton and Beach area of the tricounty South Florida region of Miami-Dade, Broward and Palm Beach, according to the report based on data from the Southeast Florida MLS Matrix.

It is worth noting that two distressed condo units are currently under contract - or pending - and waiting to transact in the Downtown Boca Raton and Beach area. 

On the REO front, the average transaction price of the three Downtown Boca Raton and Beach REO condo sales was about $141,000 or about $149 per square foot in the first nine months of 2019, according to the data compiled by CondoVulturesRealty.com.

In the first three quarters of 2019, the lenders that were able to unload their REO units needed about 30 days to transact a Downtown Boca Raton and Beach condo listed for sale, according to the statistics.

On the shortsale front, the average transaction price of the two Downtown Boca Raton and Beach shortsale condos to trade was about $127,000 or about $160 per square foot in the first nine months of 2019, according to the data compiled by CondoVulturesRealty.com.

In the first three quarters of 2019, the sellers that were able to unload their shortsale units needed about 16 days to transact a Downtown Boca Raton and Beach condo listed for sale, 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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