600 New South Beach, FL Condo Units Unsold From Bust As Of Q3 2012

Peter Zalewski

 As developers proceed with proposals for at least 10 new residential projects in Miami Beach, about 600 new condo units in the popular neighborhood of South Beach remain unsold from the last South Florida real estate boom-and-bust as of Sept. 30, 2012, according to a new report from CondoVultures.com.

Buyers purchased less than 25 new condo units for a combined $25.6 million between July and September of 2012, according to an analysis based on Miami-Dade County records.

As of the third quarter of 2012, developers in the South Beach condo market have sold about 89 percent of the nearly 5,600 units created since 2003, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.

"The developers in South Beach who still have remaining unsold condo inventory from the boom-and-bust cycle are standing firm on pricing, especially as the Miami Beach market shows signs of stabilizing," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

 "This reluctancy by developers to negotiate has worked to maintain pricing but also slow the sellout process of boom-era condo units in South Beach.

“ Going forward, it will be interesting to see how developers with unsold boom-era condo units navigate the market now that more than 11,200 new condo units have been proposed - and in some circumstances are already under construction - for the coastal tri-county South Florida region." 

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.