The Real Deal Miami

Almost 100,000 condo conversions in boom

October 04, 2010 12:00PM

Flamingo South Beach

Developers converted almost 100,000 rental apartments in South Florida
into condo units during the boom, according to a new report from Condo
Vultures. That number effectively tripled the available inventory in the
tri-county area. In the last seven years, there have been nearly 1,000
rental conversions in the area totaling 96,000 units, according to the
report, which was based on Florida government records. “Condominium
conversions account for a majority of the 185,000 units … created during the recent boom-cycle years in South Florida real
estate,” said Peter Zalewski, founder of Condo Vultures. TRD