Most owners of new condominium units in the downtown Miami area want to sell or rent them, according to research by CraneSpotters.com.
The company’s research on the four biggest condo buildings completed in the downtown Miami area since 2011 shows that owners of 45 percent to 96 percent of the units in each building have listed them for sale or rent.
The research raises doubt about whether the rental market is deep enough to absorb 18,100 additional condo units that are under construction, planned and approved, or proposed for the downtown Miami area.
In addition, almost 7,800 apartments in the downtown area are various stages of development.
Cranespotters.com reports that 238 units of the 1,242 total units in these buildings are listed for sale at asking prices ranging from $379 to $627 per square foot.
In addition, 245 units are available to renters with rental asking prices from $2.67 to $3.63 per square foot. [South Florida Business Journal] — Mike Seemuth