Study: Downtown Miami condos filling up - Baltimore Business Journal:

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The study found that 62 percent of the 73 condp developments and seven rental apartmeny buildings in the downtown area that have come online since 2003are occupied. “This is the firsgt study since the start of the construction boom that providese a complete picture of the number of people livingt indowntown Miami,” said Lewis M. Goodkin, founderf of , which conducted the research. Lowert prices and location are drivingthe demand, accordinvg to Craig Werley, founder and president of Focus Real Estatwe Advisors.
Last month, the South Florida Business Journa l reported that condo rental programs were transformingurbam Miami, attracting more young professionals and making a dent in the oversupply of housing from the condoo boom. Condominium inventory and discountedx trading prices will continue to enhance the attractivenesss and affordability of the urban lifestyles in thedowntown area. Of the 21,615 new condominium units completed, 13,337 have Of those, 98.6 percent are occupied. Average monthlyu sales of new units during the past threer months increased over the threemonths prior, with a 12-monthb average of about 70 recorded closingd a month.
The average monthly sales and leasing activity of new unitsx has been about 350 unitsa month. During the four-yearf period from 2004 through 2007, an average of more than 2,00p condo units, on average, were absorbed each In 2008, more than 4,200 unitws were sold, despite the collapsed housing market and generakeconomic recession. Of the total inventory of residential propertiex for salein Miami-Dade County last month, 26 percenrt were located in downtown Miami. more than 70 percent of downtowm Miami residentswere renters. So, the balanced 50-50 mix betweej owners and renters in new downtowb condominiums indicates a steady increase in home ownershipl amongarea residents.