Downtown Miami
Just 850 new units built after 2003 are still in the hands of their original developers in downtown Miami, according to a new report from brokerage and consultancy Condo Vultures. From January 2012 to December 2012, 800 new units were purchased in the area, totaling $345 million, according to the report, although the pace of new condo purchases has slowed. “Greater Downtown Miami’s new condo oversupply is on pace to sell out by the first quarter of 2014,” said Peter Zalewski, founder of Condo Vultures. “Credit for the turnaround in Greater Downtown Miami’s condo market should be given primarily to foreign buyers who have flooded into South Florida to purchase condo units at discounted prices. —Alexander Britell
January 19, 2013 at 2:05 pm, The Best Cure for Low Prices Are Low Prices | My Stump said:
[...] are up over 21% and are still rising. Remember all the developer units that sat empty? Only “850 developer units remain unsold in downtown Miami“. Buyers coming in from Argentina, Venezuela and Russia. Seems like what is bad for [...]
May 15, 2013 at 9:02 pm, sohbet said:
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