Just 17 new units sell in South Beach in first quarter

Only 17 new units were sold in South Beach in the first quarter of 2010,
down from 31 in the same time period of 2009, according to a white
paper from Condo Vultures. Most of the units were in the W South Beach,
where buyers bought 11 units in the first quarter at an average of
$1,364 per square foot. By contrast, more than 720 units were sold in
Greater Downtown Miami in the same period, another Condo Vultures
report recently showed. The 17 South Beach units were sold for
approximately $1,364 per square foot, which did represent a drastic
increase from an $803-per-square-foot price in 2009’s first quarter.
Greater Miami’s average selling price was just $326. TRD