Distressed Condo Prices Fall 4% To $234 PSF Average During South Florida Winter Buying Season

A review of the lender-owned condo sales shows that less than 130 REO condos transacted between November 2023 and April 2024.

Distressed-focused buyers paid an average price of less than $241,000 per unit for lender-owned condos in South Florida during the 2023-24 Winter Buying Season. An REO condo traded in the NeoVertika tower (center) in Greater Downtown in March 2024. (Photo courtesy of Google Maps)

Buyers paid about four percent less per square foot for South Florida distressed condos – also known as real estate owned (REO) by lenders – during the recently concluded Winter Buying Season, according to an analysis of statistics compiled by CondoVulturesRealty.com.

Despite the reduced average transaction price of about $234 per square foot, the total number of REO condo transactions also decreased, falling nearly 19 percent on a year-over-year basis in the 2023-24 season compared to the 2022-23 season in the tricounty region of Miami-Dade, Broward and Palm Beach.

For this report, REO condos are defined as foreclosed units that failed to sell at auction and were ultimately deeded over to the lender.

It is worth noting, this report does examine South Florida’s shortsale condo market.

The Winter Buying Season traditionally extends from November through April when visitors flock to the tricounty South Florida region of Miami-Dade, Broward and Palm Beach to take advantage of the weather, events and vibe.

Distressed-oriented investors who came to South Florida this Winter Buying Season looking for deals ended up purchasing the fewest number of REO condos in more than a decade.

We crunch a lot of statistics each week and then publish the results byway of a series of reports posted on CondoVultures.com.

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