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According to a Condo Vultures report, more than 700 new condo units have been sold in Greater Downtown Miami Condos in the first quarter of this year. A year ago only half of that amount had been sold in the first quarter (370 units) The strong buying activity in a market with very little financing is very optimistic for Miami’s real estate market. 35 out of 82 projects have sold out and an additional 24 projects have successfully sold at least half of their units.
The sales have gone up due to the slashing of prices. A year ago developers and lenders were still asking for $300/sf for a new condo whereas now they are asking in the $200/sf range which has triggered a buying frenzy.
Greater Downtown Miami is comprised of the Brickell Avenue Area (starting from the Rickenbacker Causaway), the Downtown Area, and the Biscayne Boulevard Corridor.
The project to experience the most sales activity of any condominium is the ICON Brickell which has sold 164 units between January and March of 2010. Sales picked up after the prices were lowered as low as $216/sf.
In second place, Wind by Neo sold 154 at an average price over $200 per square foot. Prior to the projects fire sale, the average closed sales price in the project was more than $370/sf.
Other projects that experienced large sales were 500 Brickell condominium with 72 sales, and 900 Biscayne condominium with 46 sales.
On a submarket-by-submarket basis, 79 percent of all of the new condos in the Biscayne Boulevard Corridor have sold. In Brickell, 70 percent of the new Brickell Avenue condos have sold. In Downtown Miami, about 65 percent of the new condos have sold.