1,050 New Condos Unsold From Boom In Greater Downtown Miami As Of Q3

Peter Zalewski

MIAMI, FL --Nearly five years after the South Florida condo crash first began, less than 1,050 new units created in Greater Downtown Miami during the last real estate boom remain under the control of the original developers as of the third quarter of 2012, according to a new report from CondoVultures.com.

New condo sales in Greater Downtown Miami transacted at a pace of less than 65 units per month between July and September of 2012 compared to about 100 units per month in the same period in 2011, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™. 

Even with the slower pace, buyers purchased more than 180 units in Greater Downtown Miami for nearly $79 million - for an average price of less than $370 per square foot - between July and September of 2012, according to an analysis based on Miami-Dade County Clerk of the Court records.

Miami skyline

A contributing factor in the reduced new condo sales pace is the weakening foreign currencies of several countries from which international buyers are active in South Florida, including Argentina (-10%), Brazil (-14%), and Western Europe (-5%) on a year-over-year basis as of Oct. 18, 2012, according to the currency exchange website OANDA.com. 

"Foreign buyers inspired by wealth preservation, strong exchange rates, discounted prices, and strengthening rental rates have played a vital role in stabilizing the Greater Downtown Miami condo market," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

Biscayne Bay condominiums

"The situation in the Greater Downtown Miami condo market would have likely taken much longer to stabilize if not for the international involvement beginning in 2009. Even at the slower transaction velocity, Greater Downtown Miami's developer condo inventory from the last boom-and-bust cycle is on pace to sell out in late 2013."  

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.