MIAMI, FL--South Beach new condo sales doubled in the second quarter of 2010 on a quarter-over-quarter basis to 31 individual transactions even as the average price held steady at $1,365 per square foot, according to a new Condo Vultures® White Paper™.
Not included in the new sales totals from April through June 2010 is a 46-unit bulk deal that traded for $29.6 million, or $436 per square foot, in the Capri South Beach condominium (top left photo) fronting Biscayne Bay, according to the Condo Vultures® Bulk Deals Database™.
For the second consecutive quarter, all of the individual new South Beach condo transactions occurred in three projects - the W South Beach Residences, Continuum on South Beach North Tower, and the Mondrian (middle right photo) - even though an additional 18 new condo projects still have unsold developer units, according to the report based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.
"Only 16 of the 37 new South Beach condo project with at least 25 units are completely sold out yet all of the individual transactions this year are occurring in three projects," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Given the projects and the average prices being achieved, it is safe to assume that buyers are going for quality as a hedge against the unknown. When the developer units start selling in the other new South Beach projects that should be a clear sign that confidence is returning."
Contact: Peter Zalewski of Condo Vultures®, 800-750-0517 or by email at peter@condovultures.com.
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