Miami Ends 2009 With Improved Condo Sales

Developers sold some 2,350 new condominium apartments last year in the Greater Downtown Miami area, which is considered the epicenter of South Florida's housing crash. According to CondoVultures, a Bal Harbour-based consulting firm, 700 units were sold in the fourth quarter, a 27% decline from 995 closings in the third quarter. But that's still better than the 265 apartments sold in the first quarter and 465 units sold in the second quarter. "Buying activity really picked up velocity in the second half of the year once retail condo prices were slashed by lenders from $300 per square foot down to $200 per square foot, which is in many cases below the replacement cost of the finished product," said CondoVultures' Peter Zalewski. The lower prices triggered a flurry of activity among foreign nationals from countries with strong currencies, Mr. Zalewski reported. Developers also completed about a dozen bulk sales last year in the tri-county area of Miami-Dade, Broward and Palm Beach.