The Real Deal Miami

Report: condo glut fears exaggerated

November 15, 2010 10:26AM

According to the Aventura-based International Sales Group, the notion
that tens of thousands of condominium units would overwhelm South Florida
beginning in 2005 was overblown. According to the report, while 62,000
units were projected for downtown Miami alone, only 17,502 were built.
And more than 70 percent of them have been sold. It’s not clear how many
units in Broward County were projected to be built, but 5,092 were
actually constructed and more than 87 percent have been sold. “By the
end of 2011, the new developer inventory will be sold, based on current
sales,” said Craig Studnicky, ISG principal. [Sun