Few new condo sales in SoBe

Buyers purchased only 19 condo units in the third quarter in buildings
constructed in 2003 or later, according to a report from Condo Vultures.
That number leaves more than 1,300 unsold developer units available in
these buildings as of Sept. 30. Developers in Miami Beach have been
reluctant to cut prices, however, with buyers paying more than $1,500
per square foot in the third quarter for new units, compared to $355 per
square foot across the water in downtown Miami, according to the
report. TRD