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600 New Condo Units Unsold In Greater Downtown Miami As Of Q1 2013
600 New Condo Units Unsold In Greater Downtown Miami As Of Q1 2013
Published on 4/20/2013 10:15:00 PM

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Some seven years after the South Florida condo crash first began in 2007, about 600 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 the first quarter of 2013, according to a new report from CondoVultures.com

New condo sales in Greater Downtown Miami transacted at a pace of nearly 35 units per month between January and March of 2013 compared to about 60 units per month in the same period in 2012, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.  

Even with the slower pace, buyers purchased nearly 100 new units in Greater Downtown Miami for nearly $41 million - an average price of about $440 per square foot - between January and March of 2013 compared to an average price of less than $400 per square foot in the same period in 2012, according to an analysis based on Miami-Dade County Clerk of the Court records. 

Additionally, the total number of unsold developer units dropped even further as more than 150 units transacted as two separate deals for incomplete condo projects - the 77-units Filling Station and the 74-unit Bunker Brickell - were formally recognized in the overall itemized list of boom-era inventory proposed and/or completed in Greater Downtown Miami, according to the report.

"Greater Downtown Miami's new condo oversupply is down to the last three percent of more than 22,000 unit proposed and/or constructed during the previous South Florida boom-and-bust cycle," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC. "At the current pace of about 35 new condo sales monthly in the first quarter of 2013, Greater Downtown Miami could be sold out of boom-era developer units in the first half of 2014. The sellout of Greater Downtown Miami condo developer inventory could occur even quicker depending upon pricing, increasing rental rates, and the demand from foreign investors searching for a safe harbor."

CondoVultures.com is scheduled to profile condo trends in the first quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of April 15, 2013.

The Condo Vultures® Market Intelligence Report™ is scheduled to publish a 10-part weekly series that analyzes the markets of Greater Downtown MiamiSouth BeachBal Harbour / Surfside / Bay Harbor IslandsSunny Isles BeachAventuraHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachPompano BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.

Greater Downtown Miami is a 60-block stretch from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Interstate 95 east to Biscayne Bay. The market is comprised of the neighborhoods of the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor, according to the Condo Vultures® Official Condo Buyers Guide To Miami™. 

With the first quarter of 2013 sale activity, buyers have purchased about 21,600 new units for nearly $8.4 billion and reduced the number of unsold units controlled by the original developers to three percent of the more than 22,000 condos created in Greater Downtown Miami during the boom, according to the new report based on an analysis of Miami-Dade County Property Appraiser data. 

The remaining unsold developer units are situated in 20 towers of the more than 80 condo buildings that were created in Greater Downtown Miami since 2003, according to the report.

Competition for buyers is intensifying in Greater Downtown Miami as bulk owners attempt to resell units at projects such as the Midtown Four and Vizcayne - formerly the Everglades on the Bay - for a premium and a flurry of recently announced new projects strive to catch the attention of buyers, according to the Cranespotters.com Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™

As of April 20, 2013, at least 25 new condo towers with 8,300 units have been proposed for the Greater Downtown Miami market, according to CraneSpotters.com

Overall in South Florida, at least 128 new condo towers with nearly 17,700 units are proposed - with 19 towers under construction and one tower already completed - in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach, according to a new CondoVultures.com report.

In the Greater Downtown Miami market, nearly 1,100 condos - that were built and sold to individual buyers since 2003 - are currently on the resale market at a median asking price of more than $440 per square foot as of April 20, 2013, according to an analysis based on Florida Realtors association data. 

The condo resales do not reflect any deals that may have transacted without being marketed on the Multiple Listing Service.

It is important to note there are various stages to a residential real estate transaction in South Florida.

A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government. 

As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.  

The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.   

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™Official Condo Buyers Guide To South Beach™Official Condo Buyers Guide to Sunny Isles Beach™Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™Official Condo Buyers Guide to Hollywood / Hallandale Beach™Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

© Copyright 2013. Condo Vultures® LLC. All Rights Reserved.  


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