There may be a boost in downtown Miami’s housing. A year-end 2010 report prepared by Goodkin Consulting/Focus Real Estate Advisors showed that 85 percent of the 22,439 condominium units built during the boom are occupied, up from 74 percent in February 2010.
The Miami Downtown Development Authority commissioned the independent report, which also found there was a decline in unsold inventory downtown (4,960 units, a 40 percent reduction in the past two years), a 15 percent increase in the average unit sales price since 2009 ($347,729), and renters account for 56 percent of occupied units, a slight increase from last year.
In addition, there is new interest from international investors — mainly from Brazil, Colombia, Argentina and Mexico — and they are responsible for a large share of new unit sales. These investors are also reportedly looking long term, and a “substantial percentage” of sold units will come back on the market at some point as prices increase and the investors can turn a profit.