Nearly 15 percent of the condominium units and townhouses on the resale market in the tricounty South Florida region are priced below $50,000, according to a new report from CondoVultures.com.
As of Jan. 14, there are more than 5,500 condos and townhouses out of the 37,800 total units for resale at a price below $50,000 in Miami-Dade, Broward, and Palm Beach counties.
The median asking price for these available units is $38,900, according to an analysis by the licensed Florida brokerage Condo Vultures® Realty LLC.
Half of the units for resale under $50,000 are in some form of distress. Nearly 2,050 of the condos are being marketed as shortsales. Bank repossessions account for an additional 750 units in South Florida’s lowest price range.
In the under $50,000 price range, Miami-Dade County is home to nearly 1,200 properties, Broward County to nearly 2,200 properties, and Palm Beach County to more than 2,100 properties, according to the report based on Florida Association of Realtors data.
As the asking price increases, so does the number of available units for resale up until the $200,000 price point.
There are 14,300 condo units and townhouses – some 38 percent of the overall inventory – priced between $50,001 and $150,000.
More than 5,800 of the condos in this price range are shortsales, and nearly 1,300 are bank-owned properties, also known as REOs.
An additional 3,900 condos and townhouses are available for resale with an asking price between $150,001 and $200,000. Overall, nearly 63 percent of all condo units for resale in South Florida are priced below $200,000.
In the $200,000 and less market, nearly 9,000 units are shortsales and 2,250 properties are REOs.
The next largest segment of the South Florida condo market is the $200,001 to $499,999 price range, accounting for nearly 8,900 resale units. This portion of the market represents 24 percent of the available resale inventory.
In the $200,001 to $500,000 price range, more than 1,150 units are shortsales but less than 165 are REOs.
There are 3,300 units on the resale market at a price between $500,000 and $999,999. This portion represents nearly nine percent of the available resale market.
In the $500,000-to-$1 million price range, there are 180 shortsales and only 35 REOs available for resale.
The remaining 2,000 condos and townhouses – or five percent – of the total South Florida resale inventory are priced at $1 million or more. In this price segment, there are 37 shortsales and two bank-owned properties.
Pricing is a topic scheduled to be discussed at the upcoming Condo Vultures® 3rd annual “State of the South Florida Condo Market” event on Jan. 25 at the Miami City Club at the top of the Wachovia Financial Center in Downtown Miami.
Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC, is scheduled to discuss all seven South Florida coastal markets, and provide an update on the number of total units constructed per market compared to unsold new units as of Dec. 31, 2010. Pricing, resale inventory, and emerging trends will also be discussed.
The markets to be discussed are Greater Downtown Miami, South Beach, Sunny Isles Beach, Downtown Fort Lauderdale and the Beach, Hollywood / Hallandale Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205a, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
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