Developers Closed on Most South Beach Condos Built Since '03

Condominium developers in South Florida's famed South Beach area have closed on some 4,150 new units since 2003, for an average price of $891,000 per unit. But that still leaves about 1,450 apartments that remain unsold, according to a report published by Condo Vultures, a Bal Harbour-based real estate consulting firm. The unsold inventory represents 26% of the units built since '03 in the 37 projects erected in the trendy, 24-block South Beach neighborhood. Meanwhile, Condo Vultures also reports that more single-family houses are on the market in Palm Beach than in any other county in South Florida, and the inventory isn't getting any smaller. More than 10,000 houses were for sale in the county at the beginning of March, an increase of almost 4% since Thanksgiving. By comparison, the inventory of unsold houses in Miami-Dade is down more than 6% to about 8,300 units, while in Broward, the inventory is relatively unchanged at some 8,100 houses. Consultant Peter Zalewski suggests that one reason for the increase in the number of homes up for grabs in Palm Beach County is that some owners who are under no pressure to sell believe that sales have begun to stabilize and have decided to test the market.