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7,400 New South Florida Condos Still Unsold From Boom Years
7,400 New South Florida Condos Still Unsold From Boom Years
Published on 1/21/2011 4:41:00 AM

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Nearly 7,400 condominium units - some 15 percent of the total new inventory - created near the coast in the tricounty South Florida region during the real estate boom are still not sold as of Dec. 31, 2010, according to a new report from CondoVultures.com
 
Developers created nearly 250 projects with 49,000 units since 2003 in the seven largest condo markets east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties during the boom that began in 2003. 
 
In the four decades prior to the boom, developers created nearly 700 condominium projects with more than 76,500 units in the same seven coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Downtown Fort Lauderdale and the Beach, Hollywood / Hallandale Beach, Downtown West Palm Beach and Palm Beach Island, and Boca Raton / Deerfield Beach, according to a first-ever comprehensive study undertaken for the Condo Vultures® Official Condo Buyers Guide™ eBook series. 
 
"Developers increased the total number of condos near the coast in South Florida by 64 percent to more than 125,000 units since 2003," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "Developers created the new South Florida condo inventory at a pace of more than 6,100 units annually during the boom. The reason lenders apparently permitted this widespread condo construction to occur is that buyers have been purchasing an average of 5,150 new South Florida coastal units annually since 2003." 
 
Remaining new inventory is a topic that will be discussed at the upcoming Condo Vultures® 3rd annual "State of the South Florida Condo Market" program from 6.30 pm to 8 pm on Jan. 25 in a live webinar broadcast on the Internet.
 
Zalewski, the keynote speaker, will provide a statistical overview of the closed and available new condo units in seven key South Florida markets east of I-95 in the tricounty region. He will also share insight into the upcoming year. 
 
During the South Florida real estate boom, developers with bank financing created 148 projects with more than 34,000 units in three Miami-Dade County markets. An additional 68 projects with more than 10,000 units were created in two Broward County markets. In two Palm Beach County markets, developers created 28 projects with nearly 4,500 units, according to the study.
 
On a market-by-market basis, Greater Downtown Miami has the distinction of being the single neighborhood with the greatest number of new condos created during the boom with nearly 22,250 units.
 
Sunny Isles Beach ranks second with nearly 6,400 new units created during the boom, and the internationally popular South Beach neighborhood of Miami Beach ranks third with nearly 5,600 new units created since 2003. 
 
Downtown Fort Lauderdale and the Beach narrowly claimed the No. 4 spot with nearly 5,100 new units added during the boom. The Hollywood / Hallandale Beach market ranks fifth with nearly 5,000 new units created since 2003. 
 
Downtown West Palm Beach and Palm Beach Island ranks sixth in South Florida based on 4,500 new units created during the boom.
 
At the bottom of the list with the fewest number of new units created is the Boca Raton / Deerfield Beach market, where less than 1,050 condos were added during the boom. 
 
Condo Vultures® relied on public records and private research to complete this study over the course of the last three years.  
 
The results of this exhaustive researching of deeds, condominium documents, and government files is the basis for a series of seven ebooks - titled the Official Condo Buyers Guide™ - that are scheduled to be released this week. The guides for Greater Downtown Miami, South Beach, and Sunny Isles Beach are already on available for purchase on Amazon.com
 
This information is also the foundation for a new Condo Ratings Agency™ service designed to provide guidance on the financial stability of nearly 1,000 condo projects - old and new - east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties. 

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205a, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC 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 2011. Condo Vultures® LLC. All Rights Reserved.       

 

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