Tuesday, April 30, 2013

Stuck In Neutral: Nearly 600 New South Beach Condos Still Unsold As Of Q1


South Beach, FL Night Scene

Peter Zalewski
MIAMI, FL -- For a third consecutive quarter, nearly 600 new condos in the popular South Beach neighborhood of Miami Beach remain unsold from the last South Florida real estate boom-and-bust cycle as sales of developer units transacted at a pace of about two per month in the first quarter of 2013, according to a new report from CondoVultures.com.

Buyers purchased more than five new South Beach condos from developers for a combined $7.7 million between January and March of 2013 as the average price per square foot increased 36 percent to nearly $1,015 compared to less than $750 per square foot in the fourth quarter of 2012, according to an analysis based on Miami-Dade County records.

As of March 31, 2013, the percentage of unsold developer units in the South Beach condo market is stuck at about 11 percent of the nearly 5,600 units created since 2003, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.

 "Greater Downtown Miami - the epicenter of the South Florida condo crash where more than 22,000 units were built during the last boom - now has about as many unsold developer units as South Beach," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"As developers in South Beach have maintained strong prices, many buyers have opted to compromise in their demands in order to get their deals done.

“Often times, this compromise means buyers are opting for existing units at a lower prices in South Beach or purchasing new developer units in competing markets such as Greater Downtown or Sunny Isles Beach.  

 For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC
225 Midtown Building at
225 NE 34th St.,
Suite 209B,
Downtown Miami, FL 33137.

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