The Real Deal Miami

Coastal condos still left in SF

January 24, 2011 08:12PM

There are nearly 7,400 condominium units — 15 percent of the total new
inventory — created near the coast in South Florida that are still
unsold as of the end of 2010, according to a report from Condo Vultures.
There were nearly 250 projects with 49,000 units created since 2003 in
the seven largest condo markets east of I-95 in the tri-county area.
“Developers increased the total number of near the coast in South
Florida by 64 percent to more than 125,000 units since 2003,” said Condo
Vultures founder Peter Zalewski. “Developers created the new South
Florida condo inventory at a pace of more than 6,100 units annually
during the boom. The reason lenders apparently permitted this widespread
condo construction to occur is that buyers have been purchasing an
average of 5,150 new South Florida coastal units annually since 2003.” TRD