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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