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The Real Deal Miami

Just 850 developer units remain unsold in downtown Miami: report

January 18, 2013 11:15AM

Downtown Miami

Just 850 new units built after 2003 are still in the hands of their original developers in downtown Miami, according to a new report from brokerage and consultancy Condo Vultures. From January 2012 to December 2012, 800 new units were purchased in the area, totaling $345 million, according to the report, although the pace of new condo purchases has slowed. “Greater Downtown Miami’s new condo oversupply is on pace to sell out by the first quarter of 2014,” said Peter Zalewski, founder of Condo Vultures. “Credit for the turnaround in Greater Downtown Miami’s condo market should be given primarily to foreign buyers who have flooded into South Florida to purchase condo units at discounted prices. —Alexander Britell