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Condo, Townhouse Shortsales Tumble By 24% In South Florida In Q3 2012
Condo, Townhouse Shortsales Tumble By 24% In South Florida In Q3 2012
Published on 9/29/2012 4:16:41 PM

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Buyers purchased 24 percent fewer condo and townhouse shortsales in South Florida in the third quarter of 2012 on a year-over-year basis compared to the same July through September period in 2011, according to a new report from CondoVultures.com

Fewer than 800 condo and townhouse shortsales transacted on average per month in the third quarter of 2012 in Miami-Dade, Broward, and Palm Beach counties compared to an average of nearly 1,050 condo and townhouse shortsale resales monthly during the same three-month span in 2011, according to an analysis by the licensed Florida real estate brokerage CVR Realty™

In the third quarter of 2010, buyers purchased an average of nearly 900 condo and townhouse shortsales monthly in the tricounty South Florida region, according to the analysis based on Florida Realtors association data. 

As the number of South Florida condo and townhouse shortsales slows, the median price for distressed units also dropped in the third quarter of the year. 

The median transaction price for condo and townhouse shortsales in South Florida slipped to about $71 per square foot in the third quarter of 2012 compared to nearly $75 per square foot between July and September of 2011 and about $85 per square foot in the same period in 2010, according to the data. 

It is unclear what impact the recently signed $25 billion National Mortgage Settlement Agreement reached in February 2012 between the federal and state governments with the nation’s five largest services could have on condo shortsales in South Florida going forward in the upcoming quarters. 

The settlement incentivizes the mortgage services to consider various options – including principal reductions, mortgage modifications, and shortsales - before filing to foreclose on borrowers who owe more than their residences are worth currently, according to the agreement.

As of Oct. 1, 2012, more than 7,300 condo and townhouse shortsales are under contract waiting to transaction at a median asking price of about $74 per square foot, according to the data. 

An additional 1,950 condo and townhouse shortsales are actively available for purchase at a median price of more than $80 per square foot on the resale market in South Florida.

The South Florida condo and townhouse shortsale market is dominated by two-bedroom units, which account for nearly 1,050 properties as of Oct. 1, 2012. 

Additionally, about 450 shortsale units available for purchase have three bedrooms and nearly 400 units have one bedroom, according to the data. 

Condo and townhouse shortsale units with at least four bedrooms total about 50 properties available for resale. Studio units marketed as shortsales account for less than 25 properties on the resale market as of Oct. 1, 2012, according to the report.  

It is important to note there are various stages to a residential real estate transaction in South Florida.

A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government. 

As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.  

The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.  

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™Official Condo Buyers Guide To South Beach™Official Condo Buyers Guide to Sunny Isles Beach™Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™Official Condo Buyers Guide to Hollywood / Hallandale Beach™Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

© Copyright 2012. Condo Vultures® LLC. All Rights Reserved.   


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