Miami Condos Are Looking for a Comeback

by admin

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.

Condos in Miami=In addition, 78 percent of the total units completed are sold, up from 68 percent in December 2009.

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.

Read More Related to This Post

Join the conversation

New Subscribe

  • This field is for validation purposes and should be left unchanged.