A review of 2023 distressed condo statistics shows that buyers purchased five REO condos at an average price of $641 per square foot.
Buyers looking for distressed condos – shortsales and Real Estate Owned (REO) by lenders – in Greater Downtown Miami have limited choices at the peak of the South Florida Winter Buying Season, according to an analysis based on statistics from CondoVulturesRealty.com
Currently, only three condos are listed for sale in the Multiple Listing Services (MLS) – a database used by Realtors to market units – at an average asking price of $745,970 per unit or $1,000 per square foot. All of the listings are REOs as no shortsales are currently available for sale.
In the 12 months of 2023, buyers purchased five REO condos at an average price of $914,800 per door or $641 per square foot, according to the stats.
To read the entire report, please visit Peter Zalewski’s Substack page at: PeterZalewski.substack.com
This information is believed to be accurate and complete but cannot be guaranteed or warranted. For more information, please call 305.865.5859 or visit CondoVulturesRealty.com