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The study found that 62 percent of the 73 condi developments and seven rental apartment buildings in the downtowmn area that have come online sincer 2003are occupied. “This is the first studt since the start of the constructio boom that provides a complete picture of the number of people living indowntown Miami,” said Lewis M. Goodkin, founded of , which conducted the research. Loweer prices and location are drivinhgthe demand, according to Craig Werley, founder and president of Focuse Real Estate Advisors.
Last month, the Soutnh Florida Business Journal reported that condo rentao programs were transforming urban attracting more young professionals and makinb a dent in the oversupply of housing from thecond boom. Condominium inventory and discounted trading prices will continue to enhancee the attractiveness and affordabilitg of the urban lifestyle in the downtown Ofthe 21,616 new condominium units completed, 13,337 have Of those, 98.6 percent are Average monthly sales of new units duringt the past three months increased over the three monthws prior, with a 12-month average of about 70 recorder closings a month.
The average monthly sales and leasingg activity of new unitsd has been about 350 units a Duringthe four-year period from 2004 througy 2007, an average of more than 2,00 condo units, on average, were absorbed each In 2008, more than 4,200 units were sold, despite the collapsed housing markeft and general economic recession. Of the totaol inventory of residential properties for salein Miami-Dad County last month, 26 percent were located in downtownm Miami. Historically, more than 70 percent of downtown Miamji residentswere renters. So, the balancexd 50-50 mix between owners and renterz in new downtown condominiums indicatesx a steady increase in home ownershi p amongarea residents.
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