Sunday, December 11, 2011

4,700 New Coastal Condos Still Unsold From South Florida Boom


 MIAMI, FL --Fueled by 700 new condo sales in the third quarter of 2011, South Florida's seven largest coastal markets have now sold more than 90 percent of the nearly 49,000 new units created during the boom that began in 2003, according to CondoVultures.com. 

Buyers paid $340 million for more than 900,000 square feet of livable space between July and September of 2011 in projects located east of Interstate 95 in the coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island, according to the report based on the Condo Vultures® Buyers Guide™ eBook series.

Based on the third quarter of 2011 sales, buyers have purchased nearly 2,600 units for more than $1.5 billion in South Florida's seven largest coast markets in the first nine months of the year, according to an analysis of Clerk of the Court records from Miami-Dade, Broward, and Palm Beach counties.

"South Florida's oversupply of new condo product created during the recent boom is on pace to be sold out by 2013," said Peter Zalewski (lower  right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"International buyers with strong foreign currencies deserve much of the credit for the strong sales velocity being experienced in South Florida. The unanswered question is whether the foreign buyers will continue to swarm South Florida given the economic dynamics now playing out in the Euro zone and key countries such as Brazil."  

 Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

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