The Real Deal Miami

Downtown nabs would-be South Beach buyers

May 18, 2010 01:30PM

Peter Zalewski

Burgeoning bargains in downtown Miami are detracting from beachfront new condo sales, according to real estate insiders in the area. South Beach saw just 17 new condos sold in the first quarter of the year, according to Condo Vultures, while inland, in downtown Miami, 713 such units sold during the same time period. Peter Zalewski, a principal with Condo Vultures, said that the price chopping downtown has been too good to resist for many homebuyers. In South Beach, the average price per square foot for new condo units is $1,364, while downtown’s average is at $326 per square foot. “Many people are just sort of saying this is too good a value, so they’re… going downtown,” Zalewski said. [Miami Herald]