The Real Deal Miami

Closings better than expected for Miami high-rise condos

November 20, 2008 05:31PM

The building boom is creating 22,000 new condominium units in downtown
Miami, 70 percent of which have been snapped up by buyers,
according to a study by condovultures.com, a real estate consultancy. Of the 22,000 units in Brickell, the central business district and midtown, 17,299
have been delivered, with 12,169 of those closed at an average price of $405,966, for
nearly $5 billion in total sales. The sales numbers are better than many
observers expected. But the biggest projects are only just starting to hit the
market as home inventory rises, prices fall, and credit continues to be tight.