The Real Deal Miami

Nearly 18 percent of planned South Florida condominium units sold: report

September 28, 2012 12:00PM

A rendering of the Grove at Grand Bay project

There are around 10,500 condominium units either under construction or currently proposed for South Florida, and developers have sold 18 percent of them, according to a report from brokerage and consultancy Condo Vultures. That amounts to 1,850 condo and condo-hotel units in 25 planned towers. “The buyer appetite appears to be changing as prices — and competition — for distressed real estate increases in South Florida,” said Peter Zalewski, founder of Condo Vultures. “As prices have increased and inventory has decreased in recent years, some buyers — especially foreign nationals with currency advantages — are seriously looking at preconstruction condos as a way to get into the South Florida real estate market.” But given the steep deposits now required by many projects, less demand appears to be coming from domestic buyers. — Alexander Britell