The Real Deal Miami

Nearly half of new condos unsold

July 22, 2008 11:29AM

Nearly half of the 20,045 condo units completed in Greater Downtown
Miami between 2003 and 2008 remain unsold, according to a new report
from Condo Vultures LLC. Only 53 percent of the new units closed in
that time frame, according to public records, the report said, adding
that scarce credit and nervous buyers have caused sales to taper off
sharply in 2008. From January through June 30, only 26 percent of the
total units delivered or scheduled to be completed this year have
closed. TRD