Developer Condo Sales Slow By 33% In Downtown Miami In Q3 2011

MIAMI, FL--New condo sales in Greater Downtown Miami slowed by 33 percent in the third quarter of 2011 on a year-over-year basis compared to 2010, leaving nearly 2,000 developer units still unsold from the real estate boom as of Sept. 30, according to a new report from CondoVultures.com.

Buyers purchased less than 300 new units for a combined $125 million between July and September of 2011 to reduce the number of unsold units controlled by the original developers to nine percent of the nearly 22,250 condos created in Greater Downtown Miami, according to a new report based on an analysis of Miami-Dade County Property Appraiser data.

The remaining 2,000-unsold developer units are situated in two dozen of the more than 80 condo projects that were created in a 60-block stretch comprised of the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor during the real estate boom that began in 2003, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

A year ago in September 2010, developers controlled 21 percent - nearly 4,600 units - of the new inventory in Greater Downtown Miami.

 In September 2009, the number of unsold developer units represented 36 percent - nearly 8,000 units - of the new inventory added to the market during the condo boom, according to the report.

"The Greater Downtown Miami condo market is changing due in large part to increased asking prices for the remaining unsold developer inventory," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Investors and second-home buyers are still in the Greater Downtown Miami market searching for new condos at attractive prices but the competition is intensifying.

"Not only are developers of existing projects competing against each other but increasingly bulk owners are launching their resale campaigns to tap into the buying activity."

 

 Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.