New condo prices rise 40 percent

Buyers of newly-constructed condo units in Greater Downtown Miami paid
an average of $355 per square foot in the third quarter of 2010, a jump
of 40 percent over the same period in 2009, according to a report from
Condo Vultures. The average price is still less than the $387 per square foot in 2008 and $390 in 2007. The peak price for
these units was $432 in 2005 at the peak of the boom. Condo Vultures
founder Peter Zalewski said he was not surprised to see that as the
price of units went up, new condo transactions in the
quarter slowed. TRD