Only time will tell if the latest round of condominium buyers in the Greater Downtown Miami area will follow the fate of many of their most recent predecessors.
But although there’s an overhang of nearly 1,750 apartments left over from the fizzled condo boom, it hasn’t stopped more than 560 purchasers from entering into pre-construction contracts and reservations at four newly proposed towers, according to a report from CondoVultures.
The commitments represent at least 54% of the more than 1,030 proposed units currently being marketed for presales in the four properties.
Six other towers with at least 2,200 units are proposed for the area but have yet to formally begin presales, according to the survey by CVR Realty, a Bal Harbour-based brokerage firm affiliated with CondoVultures.
CVR broker Jenny Huertas said the appeal is two-fold: competitive pricing and deliveries that are not scheduled until next year at the earliest. “Some buyers are optimistic the Greater Downtown Miami condo market could turn around by the time of completion,” Huertas said.
As of the first of the year, about 8% of the nearly 22,250 condos created in Greater Downtown Miami during the last South Florida real estate boom remain unsold, according to another CondoVultures report. But at the current sales pace, the market could be sold out by the first quarter of 2013, the consulting firm said.
