1,500 New Condos Trade in Greater Downtown Miami

MIAMI, FL--An average of nearly 500 new condos traded per month in Greater Downtown Miami between April and June 2010, representing a 105 percent increase compared to the 241 units per month average in second quarter of 2009, according to a new Condo Vultures® White Paper™.

Transactions for nearly 1,500 units with 1.8 million square feet of saleable space generated gross sales of $584 million, or $333 per square foot, in the second quarter of 2010.

The flurry of sales activity has reduced the number of new condos under developers' control in Greater Downtown Miami to less than 5,100 units, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

The unsold new condos represent about 23 percent of the total new inventory constructed in a 60-block stretch of Greater Downtown Miami between 2003 and 2010. A year ago in July 2009 about 40 percent of the new condos in the same submarket were unsold, according to the licensed Florida brokerage Condo Vultures® Realty LLC.

"In the last year, the landscape of the Greater Downtown Miami's new condo market has begun to take shape," said Peter Zalewski, (bottom left photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Nearly 3,800 new condo units have traded in the last 12 months as developers have cut pricing in some cases as much as 51 percent. Based on our early research, four-out-of-every-five-condo deals is being transacted in all cash."

Contact:  Peter Zalewski of Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com