According to a recent report released by a consultancy firm, developers have sold about 85 percent of the condo units built in South Florida within the building construction boom that started in 2002. The report from Bal Harbour-based Condo Vultures, which studies condominium market in West Palm Beach and South Beach, found out that residential developers have sold about 41,258 condo units over the last eight years.
The recent figures are said to be the largest condo- sales that took place in Miami’s downtown district.
Miami Downtown Development Authority’s manager of real estate and business development, Leo Zabezhinsky said, people are definitely taking advantage that condo units are now more affordable both to invest and live- in.
While numerous of the boom-time condo- buyers were speculators, many of the recent condominium buyers are vultures and investors, hoping to make the most of the troubled residential real estate market by renting out condo units.
According to a principal from Condo Vultures, Peter Zalewski, the recent activity in the condominium market explains greatly the shift in condo- sales activity, which is taking place between downtown and Miami South Beach.
Rental demand for condo units is high in places like Brickell— an urban neighborhood in Miami, and purchase prices are poorer in the metropolitan areas than by the ocean.
A data from Miami Association of Realtors also shows the positive note for the residential real estate market in South Florida, as the number for condo units and single- family homes increased for January compared to the figures for the same month in 2010.