MIAMI BEACH, FL--Nearly 1,450 of the 5,600 new condominium units developed in Miami Beach's trendy South Beach neighborhood were still unsold as of January, according to a new report from CondoVultures.com.
The unsold units represent 26 percent of the new inventory created since 2003 in 37 condominium projects developed in a 24-block stretch of the barrier island neighborhood.
South Beach is defined as South Pointe Drive north to 24th Street, the Atlantic Ocean west to Biscayne Bay, according to the report produced using the Condo Vultures® Official Condo Buyers Guide To South Beach™.
"South Beach is some of the most expensive real estate in South Florida as the inventory is limited and the demand is infinite given the international exposure the barrier island neighborhood receives," said Peter Zalewski, (bottom right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC
. "Prices have remained surprisingly high in South Beach despite the problems that have plagued the overall South Florida market.
Since 2003, developers have successfully closed nearly 4,150 newly created condo units for nearly $3 billion, an amount that works out to an average of $891,000 per unit and $773 per square foot, according to a new Condo Vultures® White Paper™.
Contact: Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to
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