Some 1,500 condominium units in Greater Downtown Miami were sold from April to June this year, reported an associate of mine, Peter Zalewski, a principal with Condo Vultures LLC in Bal Harbour, Fla.
All those units represented 1.8 million square feet and reduced the number of new condos under developers' control to a mere 5,100 units.
About the only disquieting news in all of Condo Vultures' data was that gross sales amounted to $584 million, or just $333 per square foot. The reason for the low pricing was that most of those units were sold at bulk sales. Or as Jay Steinman, a Miami attorney who has been in the middle of many condo sales, said, "That would be one guy buying 200 units, another buying 50 units, that kind of thing."