The Real Deal Miami

83 percent of new Downtown Miami condos trade in all-cash sales

May 17, 2010 01:27PM

Last quarter’s Downtown Miami new condo sales were overwhelmingly dominated by cash buyers, according to a new report from Condo Vultures. Of the 700 sales that fell into that category between January and March, just 17 percent used financing. The largest number of those mortgages was obtained in the Icon Brickell complex, which was deeded back to its lenders last week. Several buyers at the 500 Brickell project across the street also managed to obtain mortgages. “Even though the U.S. government is encouraging lenders to once again finance condo purchases, the results have not been impressive in South Florida,” said Peter Zalewski, principal of the Bal Harbour-based brokerage and consultancy. “Until something dramatic happens,” he added, “all-cash buyers will continue to drive the South Florida market, especially in Greater Downtown Miami.” TRD