Test ahead for downtown condo market [South Florida]
The number of closings at downtown Miami condos has gone better than many expected, according to a new survey. But more condos will be entering the saturated market soon.
Miami’s latest building boom is creating 22,000 condominium units in the city’s urban center, more than double the number built in the past 40 years.
But the question everyone wants answered amid the real estate downturn is: How many have actually sold?
Seventy percent have found a buyer, according to a new study by condovultures.com, a real estate consultancy. But nearly a quarter of the condos — including some of the largest projects — built during the boom will be delivered over the next several months.