Sunday, February 2, 2014

400 New Condos Unsold In Greater Downtown Miami From Crash Of 2007

  

 
MIAMI, FL --- Some seven years after the South Florida condo crash first began in 2007, less than 400 new units created in Greater Downtown Miami during the last real estate boom remain under the control of the original developers as of the end of 2013, according to a new report from CondoVultures.com.

Peter Zalewski
New condo sales in Greater Downtown Miami transacted at a pace of nearly 26 units per month between January and December of 2013 compared to about 80 units per month in the same 12-month period in 2012, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™. 

Even with the dramatically slower pace, buyers still purchased about 310 new units in Greater Downtown Miami for nearly $146.1 million - an average price of about $478 per square foot - between January and December of 2013 compared to an average price of about $407 per square foot in the same period in 2012, according to an analysis based on Miami-Dade County Clerk of the Court records.

"It has taken several years but developers finally seem to be on their way to selling out the overhang of condo inventory that was created during the previous real estate boom," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"At the 2013 sales pace, Greater Downtown Miami could very well be sold out of boom-era developer units in the first half of 2015.

“The unknown question going forward is whether buyers will choose existing unsold developer condos from the last boom when more than 13,600 new units are currently proposed for the Greater Downtown Miami market."

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

Condo Vultures®
425 NE 22nd St.,
Suite 409,
 Downtown Miami, FL 33137.
800-750-0517.


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