MIAMI, FL --New condo sales in Greater Downtown Miami slowed by 53 percent in the 2011 on a year-over-year basis compared to 2010 as developer inventory decreased and the average price increased by 21 percent as of Dec. 31, according to a new report from CondoVultures.com.
Buyers purchased nearly 1,750 new units for a combined $800 million between January and December of 2011 to reduce the number of unsold units controlled by the original developers to eight percent of the nearly 22,250 condos created in Greater Downtown Miami during the South Florida real estate boom, according to a new report based on an analysis of Miami-Dade County Property Appraiser data.
The remaining 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™.
"Buyers are acquiring an average of nearly 150 developer condos per month for $368 per square foot in Greater Downtown Miami," said Peter Zalewski (lower left photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"The transaction velocity remains strong in early 2012 even though the average developer sales price has increased from less than $300 per square foot in 2009 and $305 per square foot in 2010.
“The unanswered question is whether buyers - especially international investors with foreign currencies that have weakened against the U.S. dollar in recent months - will continue to acquire unsold developer units at the same pace as prices increase and the selection decreases in Greater Downtown Miami."
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
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