Miami condos seeing revival

The downtown Miami area has seen a renaissance in the condominium market, with 85 percent of the 22,439 condo units in the area occupied through the end of 2010, up from 74 percent in February 2010, according to a new report from Goodkin Consulting/Focus Real Estate Advisors. On the sales front, 78 percent of the total number of units completed in the area have been sold, up from 68 percent at the end of 2009. The average unit sales price last year was $347,729, a 15 percent increase from 2009. Sales and rentals in downtown Miami have “outpaced even the most bullish projections,” said Lewis Goodkin, a veteran housing analyst. [Sun Sentinel]