Less Than 5 Distressed Bal Harbour-Surfside-Bay Harbor Islands Condos Currently Listed For Sale

Buyers Purchased 4 Distressed Condos In Bal Harbour-Surfside-Bay Harbor Islands In Q1 2017

DOWNTOWN MIAMI (May 11, 2017) - Less than five distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Bal Harbour-Surfside-Bay Harbor Islands market of South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of about one unit monthly in the first quarter of 2017, the Bal Harbour-Surfside-Bay Harbor Islands area now has about a two-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 this year’s Summer Buying Season, according to the report based on data from the Southeast Florida MLXchange.

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 four 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 one Bal Harbour-Surfside-Bay Harbor Islands REO condo currently listed for sale is about $198,500. This works out to an average asking price of $228 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first three months of this year, the average transaction price of a Bal Harbour-Surfside-Bay Harbor Islands REO condo was more than $360,000 or about $292 per square foot.

This means the current asking price of a Bal Harbour-Surfside-Bay Harbor Islands REO condo listed for sale is nearly 45 percent lower than the average transaction price achieved on a per-unit basis and about 22 percent lower than the average transaction price on a per-square-foot basis between January and March of this year.

In the first three months of 2017, the lenders that were able to unload their REO units needed about 86 days to transact a Bal Harbour-Surfside-Bay Harbor Islands condo listed for sale. The current Days-On-The-Market average for a Bal Harbour-Surfside-Bay Harbor Islands REO condo listed for sale is zero, according to the statistics.

On the shortsale front, the average asking price of the two Bal Harbour-Surfside-Bay Harbor Islands shortsale condos currently listed for sale is about $261,500 per unit. This works out to an average asking price of $317 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first quarter of 2017, the average transaction price of a Bal Harbour-Surfside-Bay Harbor Islands shortsale condo was about $900,000 or about $517 per square foot.

This means the current asking price of a Bal Harbour-Surfside-Bay Harbor Islands shortsale condo listed for sale is about 71 percent lower than the average transaction price achieved on a per-unit basis and about 39 percent lower than the average transaction price on a per-square-foot basis in the first three months of this year.

Last quarter, the sellers that were able to unload their shortsale units needed about 19 days to transact a Bal Harbour-Surfside-Bay Harbor Islands condo listed for sale. The current Days-On-The-Market average for a Bal Harbour-Surfside-Bay Harbor Islands shortsale condo listed for sale is zero, 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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