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    At Least 16 Distressed Aventura Condos Listed For Sale During South Florida Winter Buying Season

    Buyers Purchased 41 Distressed Condos In Aventura In Year 2018

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (March 16, 2019) - At least 16 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the Aventura market of South Florida, according to a new report from Condo Vultures® Realty LLC.

    Based on distressed condo sales of about three units monthly in the 12 months of 2018, Aventura now has nearly a five-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 peak of the Winter 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 12 distressed condo units are currently under contract - or pending - and waiting to transact in Aventura. 

    On the REO front, the asking price of the 10 Aventura REO condos currently listed for sale is about $436,140. This works out to an average asking price of $262 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2018, the average transaction price of a Aventura REO condo was nearly $264,970 or about $196 per square foot.

    This means the current asking price of a Aventura REO condo listed for sale is about 65 percent higher than the average transaction price achieved on a per-unit basis and nearly 34 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

    In the four quarters of 2018, the lenders that were able to unload their REO units needed about 73 days to transact a Aventura condo listed for sale. The current Days-On-The-Market average for a Aventura REO condo listed for sale is 161, according to the statistics.

    On the shortsale front, the average asking price of the six Aventura shortsale condos currently listed for sale is about $243,310 per unit. This works out to an average asking price of $167 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2018, the average transaction price of a Aventura shortsale condo sales was about $314,857 or about $237 per square foot.

    This means the current asking price of a Aventura shortsale condo listed for sale is nearly 23 percent lower than the average transaction price achieved on a per-unit basis and about 30 percent lower than the average transaction price on a per-square-foot basis between January and December of last year.

    In the four quarters of 2018, the sellers that were able to unload their shortsale units needed 95 days to transact the Aventura condos listed for sale. The current Days-On-The-Market average for an Aventura shortsale condo listed for sale is about 55, 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.

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