MIAMI-In new research that puts hard numbers on the condo investment trend in South Florida, CondoVultures.com has revealed that only 13% of the more than 43,200 South Florida coastal condo units created and sold since the real estate boom began in 2003 are owned by primary users who filed for Homestead Exemption.

That number could rise, considering investors are the most likely to continue the South Florida new condo buying trend until the remaining 5,400 coastal units are sold. The study is based on a review of every folio property identification number within the 987 projects with nearly 125,000 units on the coastal markets of South Florida.

“Freddie and Fannie typically require 51% primary users in order to provide financing for a building,” Peter Zalewski, a principal with the Bal Harbour, FL-based real estate consultancy Condo Vultures, tells GlobeSt.com. “Based on what we’ve seen, just about 175 buildings out of the 937 we looked at would theoretically quality for financing.”