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New condo prices up 21 percent in downtown Miami
Greater downtown Miami has seen a 21 percent rise in the average price of a new condo, according to a report from Condo Vultures. Despite the price increase, new condo sales in the area slowed by 53 percent in 2011 compared to the previous year, as developer inventory decreased. Beginning in January 2011, buyers purchased 1,750 new units for a total of $800 million. “Buyers are acquiring an average of nearly 150 developer condos per month for $368 per square foot in greater downtown Miami,” said Peter Zalewski, founder of Condo Vultures. “The transaction velocity remains strong in early 2012 even though the average developer sales price has increased from less than $300 per square foot in 2009 and $305 per square foot in 2010.” — Alexander Britell