MIAMI, FL -- For a second consecutive quarter, about 600 new
condos in the popular South Beach neighborhood of Miami Beach remain unsold
from the last South Florida real estate boom-and-bust cycle as developer units
sales slowed dramatically in the fourth quarter of 2012, according to a new
report from CondoVultures.com.
Buyers purchased less than 10 new condos for a combined $9.9
million between October and December of 2012 compared to more than 20 units for
more than $16 million during the same three-month period in 2011, according to
an analysis based on Miami-Dade County records.
As of Dec. 31, 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™.
For a complete copy of the company’s news release, please
contact:
Condo Vultures® LLC at 800-750-0517
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