2009 was a great year for Condo Sales in Downtown Miami

According to a recent article in the Miami Herald 2009 was a pretty good year for condo sales in the Downtown Miami area. The article expresses that buyers snatched up good deals at a rate of 7 condos per day.  In my opinion this is extremely impressive in light of the downturn in the real estate market in recent years. The article goes on to describe a possible reason for the buying frenzy, that is developer slashing of prices by roughly 33% from an average of 300 per square foot to 200 per square foot.  We ourselves can say that we have seen many sales closing in our office in this 200 per square foot for condos off the ocean (areas such as Downtown, Brickell and even Aventura).

However, I don’t believe this means we are out of the woods yet.  I also read another report where realty track is depicting the foreclosure filing shooting up by 21%.  This may keep the inventory at high levels, meaning good news for buyers who will be able to shop in a market that will still have great deals due to high inventory, but hopefully in a recovering real estate market.

Take a look at the great priced unit available in Downtown Miami and Brickell areas.

South Florida Brokers & Associates, Inc.