Q3 2012 Survey: 18% Of Newly Proposed Condo Units 'Sold' In South Florida

MIAMI, FL -- Developers have "sold" about 18 percent of the 10,500 newly proposed condo and condo-hotel units slated to be constructed in the coastal South Florida region of Miami-Dade, Broward, and Palm Beach counties through the third quarter of 2012, according to a new report from CondoVultures.com.

As of Sept. 27, 2012, buyers have agreed to purchase - categorized as "sales" by developers - more than 1,850 condo and condo-hotel units on a presale basis in the 25 towers with nearly 3,500 units that are currently in the midst of selling or have recently been constructed in South Florida as the region shows signs of recovering from the crash that began in 2007, according to a survey conducted by the licensed Florida brokerage CVR Realty™.

An additional 47 proposed towers with more than 6,900 units are being planned but have not yet launched presales as of the end of the third quarter of 2012, according to the survey that is based on the CVR Realty™ Proposed Condo Projects list.

"The buyer appetite appears to be changing as prices - and competition - for distressed real estate increases in South Florida," said Peter Zalewski (top right photo), a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"As prices have increased and inventory has decreased in recent years, some buyers - especially foreign nationals with currency advantages - are seriously looking at preconstruction condos as a way to get into the South Florida real estate market. Domestic buyers, however, appear to be less interested in preconstruction condo projects given the deposits requirements being demanded by developers.

For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.