Some 600 new South Beach condos remain unsold, the vestiges of South Florida’s last boom, according to a new first quarter 2013 analysis by CondoVultures.com.
As values climb, developer units are selling at a snail’s pace of an average two units per month, the report said.
Since the beginning of the year, the average price per square foot has increased 36 percent to nearly $1,015 compared to less than $750 per square foot in the fourth quarter of 2012, according to CondoVulture’s analysis of Miami-Dade County records.
The percentage of unsold developer units in the South Beach condo market is stuck at about 11 percent of the nearly 5,600 units created since 2003, the report said. [Condo Vultures] –Emily Schmall