The Real Deal Miami

Approximately 600 new South Beach condo units remain unsold: report

October 29, 2012 09:45AM

Around 600 condominium units constructed since 2003 in South Beach remain unsold, according to a report from brokerage and consultancy Condo Vultures. In the third quarter, there were a total of less than 25 condo sales in South Beach totaling $25.6 million. “The developers in South Beach who still have remaining unsold condo inventory from the boom-and-bust cycle are standing firm on pricing, especially as the Miami Beach market shows signs of stabilizing,” said Peter Zalewski, founder of Condo Vultures. “This reluctancy by developers to negotiate has worked to maintain pricing but also slow the sellout process of boom-era condo units in South Beach.” — Alexander Britell