Miami has had a major overabundance of condos for some time now…but apparently not so much so in the South Beach area. A recent report from Condo Vultures showed that less than 2% of South Beach inventory in condo projects with at least 30 units is on the market. “The industry standard for resale units in a normal market is 10%,” said the principal of Condo Vultures, Peter Zalewski.
Stretching 25-blocks from South Pointe Drive north to 24th Street, South Beach’s 258 available resale units are minimized by the inventory in many other Miami neighborhoods, where as much as 20 percent of the condo inventory is available for resale, which makes the area a rare seller’s market.
Via: The Real Deal