700 Miami condo units sell in first quarter

There were 700 new condo units purchased in the first quarter of 2010
in Greater Downtown Miami, according to a white paper by Condo
Vultures. In the same period in 2009, buyers purchased only 370 condos.
Now more than 70 percent of the 22,200 new condo units built in the
last seven years have been sold, up from just 59 percent a year ago.
The sales jump is, in part, a result of a decrease in asking price per
square foot, from around $300 a year ago to just $200 per square foot
today, Condo Vultures principal Peter Zalewski said. TRD