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South Florida

1,000 Miami condo units sold to bulk buyers since 2008

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Since 2008, bulk buyers have purchased 1,000 units in Greater
Downtown Miami, according to a new white paper by Condo Vultures. The
units total $220 million over the course of 18 deals for a total of 1.2 million square feet. The numbers work out to an average price of
about $183 per square foot. The 1,000 deals are 20 percent of all 5,100
developer sales made in the last 21 months. Put another way, says
Condo Vultures principal Peter Zalewski, four out of every five new
developer units in the area were sold to individuals. TRD

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Condo VulturesPeter Zalewski