 Icon Brickell |
Developers in downtown Miami sold more than 1,600 condos in the second half of 2009, after lenders slashed prices by 30 percent, according to Condo Vultures.
Only about 700 units sold in the first half of the year, but buying activity picked up when prices dropped from $300 a square foot to $200 square foot, Condo Vultures’ Peter Zalewski notes.
"The new prices triggered a buying frenzy by foreign nationals with strong currencies and private equity groups that finally began to purchase, completing a dozen condo bulk deals in the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor in 2009," Zalewski notes.
Developers sold 700 units in the fourth quarter alone, according to Condo Vulture data. Developers now control about 34 percent of unsold new condo inventory, compared to 43 percent at the end of 2008, a positive sign for reducing the inventory.
But the sales numbers for the fourth quarter are not necessarily cause to send up the fireworks, Condo Vultures notes. The fourth quarter sales represented a 27 percent decrease from the third quarter, when developers sold 955 units.
Comments
First, why do you simply repeat what someone said from Condo Vultures? Please provide some data and authoritative information instead of merely a repeat of what we have already heard?
Second, you have a picture of the Icon Brickell and the caption includes the word "Planned" but, as you may know, Icon Brickell is completed.
Thanks,
David
Condo Vultures tracks the market and their data is provided for informational purposes. They are not the only source of information, but their data is generally considered accurate and reliable, providing a snapshot of what is happening in the market.
As for "planned," it's a reference to the use of a rendering, not an actual photo. I deleted "planned" to avoid confusion.
Thanks for the comments.
Editor
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