Downtown Miami sales prices up 21 percent: report

The average unit sales price in downtown Miami rose 21.4 percent in the third quarter, according to a report from the Downtown Development Authority. The average sales price for the 12-month period ending September 30 was 11.6 percent higher than the same period a year earlier, with overall unit prices for new and resale units up about 25 percent per year since 2009. “We have been tracking condo sales and rental activity in downtown Miami since the market bottomed out three years ago,” said Alyce Robertson, executive director of the Miami Downtown Development Authority. “Foreign investment, coupled with demand for urban living, has created a powerful combination that is accelerating Miami’s recovery and elevating its status as a major international destination and gateway city.” Sales were also up 8.8 percent in the first nine months of 2012. — Alexander Britell