The Real Deal Miami

Just over 1,000 new condos remain from Miami’s condominium boom: report

October 22, 2012 10:30AM

Downtown Miami (TRD Photo)

Less than 1,050 new-construction condominium units are unsold from Miami’s condo construction boom, according to a report from brokerage and consultancy Condo Vultures. That comes after a reported slowing of sales to 65 units per month from July to September, compared to 100 units per month in the third quarter of 2011. “Foreign buyers, inspired wealth preservation, strong exchange rates, discounted prices and strengthening rental rates have played a vital role in stabilizing the greater downtown Miami condo market,” said Peter Zalewski, founder of Condo Vultures. “The situation in the greater downtown Miami condo market would have likely taken much longer to stabilize if not for the international development beginning in 2009.” — Alexander Britell