This morning I was reading through my RSS feeds from other Real Estate blogs through out various parts of the country. I came across Missy Caulk’s blog in Michigan and thought her topic about acting quickly on distressed properties would also be a good topic to look into for the Miami Beach Real Estate market.
I have actually been thinking about this a lot lately because I have a few clients who are interested in purchasing in very specific buildings and are set up on my customized data feeds. Whenever there is activity in that building, they are alerted via email. When I go to show the property if it is a REO, I usually run in to a lot of other agents showing the same property and then I hear all of the “buzz”. Recently I was showing a client a REO property that had just hit the market, while showing, I was told that it already had 12 offers. That was within a couple of days.
The following data is based on the SEF MLS & is only for condos/town-homes.
In Miami Beach today there are 75 listed REOs
In Miami Beach today there are 74 REOs under contract.
Over the last six months in Miami Beach 102 REOs sold.
Market Analysis Report:
Closed data for Miami Beach
for REO condos over last 6 months
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So based on the above information, the average foreclosed Miami Beach condos are taking approximately 82.51 days to close (over the last six months). Some times I am not so crazy for “general” Days on Market data because if a property is listed with one agent and then re-listed with another, this data is reset. It also doesn’t really account for some properties that are just “hanging out” on the market. I think it’s better to be more “building” specific because Miami Beach condos are definitely “area” and “building” specific. You could have one building that is getting $500,000 for a 1 bedroom and then the building right beside it $150,000 for a 1 bedroom. You cannot really group all of that data together because there are many factors to consider. Obviously the above graph, represents all of that data together. I think if you really want the best data, go building specific and then you can compare outside of that building to similar buildings in the same area.
So let’s look in more detail at ”building specific” and see the differences in Days on the Market and more specific market data. This is just a random sampling of some buildings that have enough data to complile a list. Data changes daily.
In the Floridian located
in the South Beach area of
Miami Beach
REO PROPERTIES
4 active
2 under contract
4 closed over the last six months
45.6 is the average days on the market over the last six months
In the Mirador located
in the South Beach area of
Miami Beach
REO PROPERTIES
3 active
3 under contract
11 closed over the last six months
37.1 is the average days on the market over the last six months
In the Waverly located
in the South Beach area of
Miami Beach
REO PROPERTIES
4 active
3 under contract
3 closed over the last six months
35.67 is the average days on the market over the last six months
In conclusion….It’s good to see that these properties are moving & it’s always very important to break down the data specifically to your general area and be “building specific” too.
The compilation of listing and market data information is provided by the REALTORS Association of Greater Miami and the Beaches. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental.
I do my best to double check for accuracy, however I am human and errors can occur. Please contact me if you find something that doesn’t look correct and I will be happy to look into it and correct if necessary.
