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Nearly 10 Distressed Coral Gables Condos Currently Listed For Sale
Nearly 10 Distressed Coral Gables Condos Currently Listed For Sale
Published on 9/17/2017 1:40:00 PM

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Buyers Purchased 6 Distressed Condos In Coral Gables In First Half Of 2017

DOWNTOWN MIAMI (Sept. 17, 2017) - Nearly 10 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the city of Coral Gables in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of one unit monthly in the first half of 2017, Coral Gables now has about a nine-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 three distressed condo units are currently under contract - or pending - and waiting to transact in Coral Gables.

On the REO front, the asking price of the five Coral Gables REO condos currently listed for sale is less than $327,600. This works out to an average asking price of $313 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 Coral Gables REO condo was less than $268,000 or about $281 per square foot.

This means the current asking price of a Coral Gables REO condo listed for sale is about 22 percent higher than the average transaction price achieved on a per-unit basis and more than 11 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 73 days to transact a Coral Gables condo listed for sale. The current Days-On-The-Market average for a Coral Gables REO condo listed for sale is 72, according to the statistics.

On the shortsale front, the average asking price of the four Coral Gables shortsale condos currently listed for sale is about $456,200 per unit. This works out to an average asking price of $298 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 Coral Gables shortsale condo sales was $218,000 or about $278 per square foot.

This means the current asking price of a Coral Gables shortsale condo listed for sale is more than 109 percent higher than the average transaction price achieved on a per-unit basis and about seven 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 81 days to transact the Coral Gables condos listed for sale. The current Days-On-The-Market average for an Coral Gables shortsale condo listed for sale is about 168, 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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