The Real Deal Miami

Around 630 condo units still unsold on South Beach: report

August 03, 2012 12:00PM

Mirador in SoBe

There are still around 630 new condominium units unsold from the condo boom in South Beach, according to a report from Condo Vultures. In June, buyers purchased over 55 new condo units for a total of $38.4 million. Almost 89 percent of the 5,600 units built in South Beach since 2003 have been sold. “South Beach condo projects are enjoying the benefits of the South Florida condo market showing signs of stabilizing,” said Condo Vultures Founder Peter Zalewski. “Prices are gradually strengthening as developers in the South Beach condo market patiently sell off new units from the last real estate boom-and-bust cycle.” — Alexander Britell