Buyers Purchased 25 Distressed Condos In Hollywood-Hallandale Beach In First Half Of 2017

DOWNTOWN MIAMI (Sept. 28, 2017) - Nearly 10 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Hollywood-Hallandale Beach market in South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of about four units monthly in the first half of 2017, Hollywood-Hallandale Beach 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 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 10 distressed condo units are currently under contract - or pending - and waiting to transact in Hollywood-Hallandale Beach. 

On the REO front, the average asking price of the five Hollywood-Hallandale Beach REO condos currently listed for sale is about $226,540. This works out to an average asking price of $274 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 Hollywood-Hallandale Beach REO condo was less than $253,735 or about $214 per square foot.

This means the current asking price of a Hollywood-Hallandale Beach REO condo listed for sale is nearly 11 percent lower than the average transaction price achieved on a per-unit basis and about 28 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 90 days to transact a Hollywood-Hallandale Beach condo listed for sale. The current Days-On-The-Market average for a Hollywood-Hallandale Beach REO condo listed for sale is 62, according to the statistics.

On the shortsale front, the average asking price of the four Hollywood-Hallandale Beach shortsale condos currently listed for sale is about $256,225 per unit. This works out to an average asking price of $219 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 Hollywood-Hallandale Beach shortsale condo was about $204,000 or about $222 per square foot.

This means the current asking price of a Hollywood-Hallandale Beach shortsale condo listed for sale is nearly 26 percent higher than the average transaction price achieved on a per-unit basis and about one percent lower 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 shortsale units needed about 424 days to transact a Hollywood-Hallandale Beach condo listed for sale. The current Days-On-The-Market average for a Hollywood-Hallandale Beach shortsale condo listed for sale is 115, 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.