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.