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500 New Condos Unsold In Greater Downtown Miami Market As Of Q2 2013
500 New Condos Unsold In Greater Downtown Miami Market As Of Q2 2013
Published on 7/21/2013 3:12:00 PM

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Some seven years after the South Florida condo crash first began in 2007, less than 500 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 second quarter of 2013, according to a new report from CondoVultures.com

New condo sales in Greater Downtown Miami transacted at a pace of nearly 40 units per month between April and June of 2013 compared to about 90 units per month in the same three-month 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 more than 115 new units in Greater Downtown Miami for more than $51 million - an average price of about $450 per square foot - between April and June of 2013 compared to an average price of less than $355 per square foot in the same period in 2012, according to an analysis based on Miami-Dade County Clerk of the Court records.

"Nearly 98 percent of the new condos created in Greater Downtown Miami during the last boom-and-bust cycle have been sold as of the second quarter of 2013," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC. "At the current pace, Greater Downtown Miami could be sold out of boom-era developer units in the second quarter of 2014. Given the current pricing of newly proposed condo projects, the sellout of Greater Downtown Miami developer inventory from the last boom could occur even quicker than that due to the level of buyer interest that presently exists."

CondoVultures.com is scheduled to profile condo trends in the second 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 July 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 second quarter of 2013 sale activity, buyers have purchased more than 21,700 new units for more than $8.4 billion and reduced the number of unsold units controlled by the original developers to two percent of the more than 22,200 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 less than 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 July 21, 2013, at least 35 new condo towers with nearly 10,000 units have been proposed for the Greater Downtown Miami market, according to CraneSpotters.com

Overall in South Florida, at least 145 new condo towers with nearly 20,000 units are proposed - with 24 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, more than 1,150 condos - that were built and sold to individual buyers since 2003 - are currently on the resale market at an average asking price of more than $500 per square foot as of July 21, 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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