2010 Downtown Miami Condo Sales Spike 57%

MIAMI-Developers sold 57% more new condos in Greater Downtown Miami in 2010 than in 2009. So says a new report from CondoVultures.com.   Buyers purchased nearly 3,700 new condos in Greater Downtown Miami in 2010 compared to less than 2,400 in 2009. In the two previous years of the South Florida real estate crash, many preconstruction buyers with 20% deposits at risk decided to buy, closing on nearly 5,000 units in 2008 and 2,000 units in 2007, CondoVultures reports.

“The were 2,000 new condo sales to individual sales in 2010, but the investors who bought in bulk have also taken to market and were able to move roughly 350 units,” Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures, tells GlobeSt.com. “If the bulk buyers are out of the equation, the total number of sales is more in line with previous years.”