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