The Real Deal Miami

With condo resale inventory scarce, South Beach is a rare seller’s market

December 23, 2009 12:58PM

Miami still has a huge condo glut, but not on South Beach. A recent report from real estate consulting group Condo Vultures shows that less than two percent of South Beach inventory in condo projects with at least 30 units is on the market. For context, the industry standard for resale units in a normal market is 10 percent, Peter Zalewski, principal at Condo Vultures said. South Beach’s 258 available resale units are dwarfed by the inventory in many other Miami neighborhoods where as much as 20 percent of the condo inventory is available for resale, the report said, making the area a rare seller’s market. South Beach is defined by a 25-block stretch from South Pointe Drive north to 24th Street, and by the Atlantic Ocean west to Biscayne Bay. [Condo Vultures]