Buyers Purchased Nearly 10 Distressed Condos In West Palm Beach Area In First Nine Months Of 2019

At Least 3 Distressed Downtown West Palm Beach And Palm Beach Islands Condos Currently Listed For Sale

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DOWNTOWN MIAMI (Jan. 2, 2020) - At least three distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Downtown West Palm Beach and Palm Beach Island area in South Florida county of Palm Beach, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of nearly one unit monthly in the first nine months of 2019, the Downtown West Palm Beach and Palm Beach Island area now has more than a three-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 start of the Winter 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 one distressed condo unit is currently under contract - or pending - and waiting to transact in the Downtown West Palm Beach and Palm Beach Island area. 

On the REO front, the asking price of the one Downtown West Palm Beach and Palm Beach Island REO condo currently listed for sale is about $7.2 million. This works out to an average asking price of $1,882 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Downtown West Palm Beach and Palm Beach Island REO condo was nearly $2.7 million or about $640 per square foot.

This means the current asking price of a Downtown West Palm Beach and Palm Beach Island REO condo listed for sale is nearly 170 percent higher than the average transaction price achieved on a per-unit basis and about 194 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 68 days to transact a Downtown West Palm Beach and Palm Beach Island condo listed for sale. The current Days-On-The-Market average for a Downtown West Palm Beach and Palm Beach Island REO condo listed for sale is about 119, according to the statistics.

On the shortsale front, the average asking price of the two Downtown West Palm Beach and Palm Beach Island shortsale condos currently listed for sale is about $162,000. This works out to an average asking price of $213 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Downtown West Palm Beach and Palm Beach Island shortsale condo was nearly $139,700 or about $154 per square foot.

This means the current asking price of a Downtown West Palm Beach and Palm Beach Island shortsale condo listed for sale is about 16 percent higher than the average transaction price achieved on a per-unit basis and more than 38 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 shortsale units needed about 41 days to transact a Downtown West Palm Beach and Palm Beach Island condo listed for sale. The current Days-On-The-Market average for a Downtown West Palm Beach and Palm Beach Island shortsale condo listed for sale is about 77, 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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