Tuesday, December 31, 2013

1,780 New Condos Unsold In South Florida From Real Estate Crash Of 2007




MIAMI, FL -- Less than 1,780 new condos from a pool of nearly 49,000 units created during the last South Florida real estate boom are unsold in the seven largest coastal markets of Miami-Dade, Broward, and Palm Beach counties as of the third quarter of 2013, according to a new report from CondoVultures.com.

Between July and September of 2013, buyers paid nearly $84.7 million - an average of about $470 per square foot - for almost 150 condo units in projects built since 2003 east of Interstate 95 in the coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island, according to a report based on the Condo Vultures® Official Condo Buyers Guide™ eBook series.

The buying activity - at a pace of nearly 50 new condos monthly - in the third quarter of this year reduced the number of unsold developer units to more than 1,775 condos as of September 30, 2013, according to the report.

Peter Zalewski
"Developers in South Florida are still in possession of about four percent of the condo units created during the last boom-and-bust cycle that began in 2003," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"At the current 2013 sales pace of more than 75 transactions monthly between January and September, the unsold developer units from the last South Florida condo boom-and-bust cycle should be absorbed in about 23 months.

“The unanswered question is what impact the more than 180 pre-construction condo towers proposed - or under construction - in South Florida will ultimately have on the unit inventory from the last real estate boom."

Since the week of October 14, 2013, CondoVultures.com has been profiling condo trends in the third quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.

 For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC
225 Midtown Building
 225 NE 34th Street
 Suite 209B
Downtown Miami, Florida, 33137.

1-800-750-0517.

No comments:

Post a Comment