The Real Deal Miami

Boom-era condo units unsold in downtown Miami

April 22, 2013 10:00AM

Downtown Miami

Seven years after South Florida’s 2007 condo crash, developers had 600 boom-era units in greater downtown Miami unsold at the end of the first quarter of 2013, reported.

However, the number of units dropped by around 300 units compared to a year earlier, according to the report published late Saturday.

“Greater Downtown Miami’s new condo oversupply is down to the last three percent of more than 22,000 unit proposed and/or constructed during the previous South Florida boom-and-bust cycle,” said Peter Zalewski, a principal with real estate consultancy Condo Vultures LLC.

The units are scattered over a 60-block stretch from the Julia Tuttle Causeway south to the Rickenbacker Causeway and Interstate 95 east to Biscayne Bay, in 20 of the more than 80 condo buildings that were created in Greater Downtown Miami since 2003, according to the report.

At least 25 new condo towers with 8,300 units have been proposed for downtown Miami as of last week, CondoVultures reported, citing [CondoVultures]Emily Schmall