Downtown Miami Condo Sales Jump 62
Written by Yudislaidy Fernandez on December 23, 2010
By Yudislaidy Fernandez
Condo sales in Miami’s urban core soared 62% in the first nine months of this year compared to the same period in 2009, a realty analyst says.
Competitive prices in recently-built condo towers and high interest from foreign buyers have been a win-win combination for a market considered ground zero of South Florida’s condo boom.
Craig Werley, president of Focus Real Estate Advisors, said 2,754 condo sales closed from this January through September compared to 1,714 in the first nine months of 2009.
Since the first quarter, Mr. Werley said, "the total inventory for sale of new buildings is continuing to be reduced."
Jeff Morr, chief executive officer of realty firm Majestic Properties, said he’s seen a boost in sales volume in the urban core, which includes Omni, the Central Business District and Brickell.
"It’s been a very brisk year for sales. Everything that is priced right has been selling," he said. "…The majority of these are cash sales, except when developers are able to offer some financing."
Mr. Werley, along with firm Goodkin Consulting, is in the process of conducting a study for the Downtown Development Authority to tally residential closings and occupancy levels in the urban core.
The authority orders these studies periodically to keep a pulse on condo sales and population growth. Its last update on closings and occupancy was released in March.
That study estimated 74% of available units were occupied.
"I’m in the process of a formal update, but from the work I’ve been doing in the downtown area [occupancy] is definitely up," Mr. Werley said. "Most of the buildings you’ll find are at or near [full] occupancy."
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