Thursday, January 31, 2013

600 New South Beach Condos Unsold As Sales Slow Dramatically In Q4 2012



 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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