There are currently 2,342 Oceanfront condos for sale. In the past 90 days, 284 such condos have been sold. Based on these figures, 4.04% of our Oceanfront condo inventory is being sold per month. At that rate, we have a little over 2 years worth of inventory.
$37,000 for a less than 400 sq.ft. Efficiency at M Grande Resort
$38,000 for a 400+ sq. ft. Efficiency at the Landmark Resort
$40,000 for a 500+ sq. ft. 1BR/1BA at Caravelle Tower
$1,875,000 for a 3,000+ sq.ft. 5BR/4.5BA at Vista del Mar – Grande Dunes
$1,255,550 for a 3,000+ sq.ft. 5BR/4.5BA at North Beach Plantation
$1,225,000 for a 2,100+ sq. ft. 3BR/3BA at The Warwick
Here’s where the story becomes interesting:
Of these 2,342 Oceanfront condos, 59 of them are Bank Owned properties. Of these REO’s, 26 are currently under contract, 18 of them for cash, leaving us with only 33 Oceanfront REO’s on Active status. So, of the “available” Oceanfront REO’s, 44% of them are already under contract, waiting to close.
In the past 90 days, 49 Oceanfront Bank Owned Condos have been sold. Compare that with the current inventory and you have an 83% sell through. Not too shabby, wouldn’t you agree?
I just closed on an oceanfront Bank Owned condo today. In it’s heyday it was selling for over $680K. Do you want to know the price my Clients bought it for? Are you ready for this? A 3BR/3BA, over 1,650 sq.ft. of Oceanfront Bliss, fully furnished for only $290,000!!! Yup, incredible, but true! Now, this REO Oceanfront condo thing is starting to add up, isn’t it?