Shortsale Asking Prices Dip Below $100 PSF In South Florida Published on 7/4/2011 2:11:00 AM 
Resellers are asking less than $100 per square foot for single-family houses, townhouses, and condominium units marketed for purchase as shortsales in the tricounty South Florida region, according to a new report from
CondoVultures.com.
The shortsale asking price is discounted 38 percent from the typical asking price for a residential resale in Miami-Dade, Broward, and Palm Beach counties, according to an analysis by the licensed Florida real estate brokerage
CVR Realty™.
As of July 5, there are nearly 48,200 residences on the resale market in South Florida at an asking price of nearly $148 per square foot, according to an analysis of
Florida Realtors association data.
Of the total residential resales available, slightly more than 11,000 properties are being actively marketed as shortsales with an asking price of $92 per square foot, according to the report.
Miami-Dade County, where Aventura, Coral Gables, and Miami Beach are located, leads the South Florida region with the largest price disparity between resale inventory and shortsale properties.
The typical resale asking price for a Miami-Dade County shortsale is $96 per square foot compared to the market norm of $192 per square foot, according to the report.
Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, has the smallest disparity – 24 percent - between resale inventory and shortsale properties.
The typical resale asking price for a Broward County shortsale is $95 per square foot compared to the market norm of $125 per square foot, according to the report.
Palm Beach County, where Boca Raton, Delray Beach, and West Palm Beach are located, has a disparity of 33 percent between available resale inventory and shortsale properties.
The typical resale asking price for a Palm Beach County shortsale is nearly $85 per square foot compared to the market norm of nearly $127 per square foot, according to the report.
Overall, Miami-Dade County has the greatest number of residential resales being marketed as shortsales with nearly 4,425 properties. Broward County is second with nearly 3,700 properties, and Palm Beach County is third with less than 2,925 properties, according to the report.
Single-family house shortsales hold a slight lead over the total number of condominiums and townhouse shortsales available for purchase.
Of the nearly 21,600 single-family houses for resale, nearly 5,600 of the residences are being marketed as shortsales.
An additional 26,600 condos and townhouses are on the resale market with more than 5,400 properties being marketed as shortsales.
The median asking price for a single-family house for resale in South Florida is $142 per square foot compared to a median shortsale price of $99 per square foot.
In the South Florida condo and townhouse market, the median asking price for a unit is $153 per square foot compared to shortsales being marketed at a median asking price of $85 per square foot, according to the report from CondoVultures.com.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
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