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The Real Deal Miami

Miami condo sales slow

October 18, 2011 01:55AM

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Skyline Brickell
Condo sales in Greater Downtown Miami slowed by 33 percent in the third
quarter of 2011 compared to the same period in 2010, according to a
report by brokerage and consultancy Condo Vultures. There are still
2,000 developer units unsold from the boom years, according to the
report, which was based on an analysis of Miami-Dade County Property
Appraiser data. Buyers in the Greater Downtown Miami area purchased 300
new units for a combined $125 million in the three-month period
beginning in July. “The Greater Downtown Miami condo market is changing
due in large part to increased asking prices for the remaining unsold
developer inventory,” said Peter Zalewski, founder of Condo Vultures. —
Alexander Britell