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Nearly 150 Distressed Broward County Condos Currently Listed For Sale
Nearly 150 Distressed Broward County Condos Currently Listed For Sale
Published on 9/21/2017 1:24:00 PM

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Buyers Purchased 483 Distressed Condos In Broward County In First Half Of 2017

DOWNTOWN MIAMI (Sept. 21, 2017) - Nearly 150 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of nearly 81 units monthly in the first half of 2017, Broward County now has less than 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 end of this year’s 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.

It is worth noting that 229 distressed condo units are currently under contract - or pending - and waiting to transact in Broward County. 

On the REO front, the average asking price of the 88 Broward County REO condos currently listed for sale is about $153,017. This works out to an average asking price of $129 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first six months of this year, the average transaction price of a Broward County REO condo was less than $116,400 or about $104 per square foot.

This means the current asking price of a Broward County REO condo listed for sale is nearly 32 percent higher than the average transaction price achieved on a per-unit basis and about 24 percent higher than the average transaction price on a per-square-foot basis between January and June of this year.

In the first half of 2017, the lenders that were able to unload their REO units needed about 58 days to transact a Broward County condo listed for sale. The current Days-On-The-Market average for a Broward County REO condo listed for sale is about 62, according to the statistics.

On the shortsale front, the average asking price of the 58 Broward County shortsale condos currently listed for sale is nearly $127,830 per unit. This works out to an average asking price of $123 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first six months of 2017, the average transaction price of a Broward County shortsale condo was nearly $115,750 or about $116 per square foot.

This means the current asking price of a Broward County shortsale condo listed for sale is about 10 percent higher than the average transaction price achieved on a per-unit basis and about six percent higher than the average transaction price on a per-square-foot basis between January and June of this year.

In the first half of 2017, the sellers that were able to unload their shortsale units needed about 103 days to transact a Broward County condo listed for sale. The current Days-On-The-Market average for a Broward County shortsale condo listed for sale is 113, 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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