The Real Deal Miami

Miami’s buyers flock to condo fire sale

April 05, 2010 09:51AM

A few years ago, the skyline in Miami was changing as new high-rises went up. Now, buyers are back. It’s not that developers are making money, but they’re moving inventory. Condo sales went up 200 percent over 2008, NBC reported. Product is moving from about $280 a foot, roughly, in a market place where it typically costs $250 to $300 a square foot to construct,” said Peter Zalewski, principal at Condo Vultures. “It’s a good thing, because when you see the real investors enter the market, it means we are getting closer to the bottom,” said real estate analyst Jack McCabe.