The Real Deal Miami

Only 13 percent of coastal condo buyers are end users

September 30, 2011 10:35AM

Just 13 percent of the more than 43,200 coastal condo units created and sold since the boom began in 2003 are owned by primary users who have filed for homestead exemptions, according to a report from Condo Vultures. The remainder, according to the report, are investors. “Analysts have long suspected that investors and second-home buyers are driving the current trends in the South Florida condo market,” said Peter Zalewski, founder of brokerage and consultancy Condo Vultures. “This report finds primary users account for only about one out of every 10 condo transactions in a new project in South Florida’s seven largest markets.” — Alexander Britell