Buyers have paid an average of $395 per square foot for the new condos created during the South Florida real estate boom that began in 2003, according to a new report from CondoVultures.com.
As of March 31, 2011, buyers have purchased nearly 42,000 units out of a pool of nearly 49,000 condos constructed in the seven largest coastal condo markets in the tricounty region of Miami-Dade, Broward, and Palm Beach, according to a comprehensive study undertaken for the Condo Vultures® Official Condo Buyers Guide™ eBook series.
The South Beach neighborhood of Miami Beach has averaged the highest price per square foot at $595. The Downtown West Palm Beach and Palm Beach Island market has achieved the lowest price per square foot at $336, according to the report based government records.
New condo sales in the Hollywood / Hallandale Beach market have averaged $360 per square foot, representing the median price for the seven largest coastal submarkets in South Florida, according to the report.
On the high side of the median, the Boca Raton / Deerfield Beach submarket has averaged a price of $450 per square foot. The Sunny Isles Beach market in Northeast Miami-Dade County has achieved $441 per square foot.
On the low side of the median, the Downtown Fort Lauderdale and the Beach market has averaged a price of $358 per square foot. New condo prices in Greater Downtown Miami have averaged $353 per square foot, according to the report.
Developers created nearly 250 projects with 49,000 units since 2003 in the seven largest condo markets east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties during the boom that began in 2003.
In the four decades prior to the boom, developers created nearly 700 condominium projects with more than 76,500 units in the same seven coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Downtown Fort Lauderdale and the Beach, Hollywood / Hallandale Beach, Downtown West Palm Beach and Palm Beach Island, and Boca Raton / Deerfield Beach, according to the Condo Vultures® Official Condo Buyers Guide™ eBook series.
Since the week of April 18, CondoVultures.com has examined South Florida’s first quarter residential real estate trends in the seven largest coastal condo markets in the tricounty region of Miami-Dade, Broward, and Palm Beach.
On a weekly basis, the Condo Vultures® Market Intelligence Report™ analyzed new condo sales and pricing trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
To read any of the reports, please visit the Archives or the Market Intelligence Report™ section of CondoVultures.com.
During the South Florida real estate boom, developers with bank financing created 148 projects with more than 34,000 units in three Miami-Dade County markets.
An additional 68 projects with more than 10,000 units were created in two Broward County markets.
In two Palm Beach County markets, developers created 28 projects with nearly 4,500 units, according to the study.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
Don’t forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™, Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™, Official Condo Buyers Guide to Hollywood / Hallandale Beach™, Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Need historical context? Check out the four-book series Miami’s Great Condo Crash: A Chronicle Of The Boom And Bust™. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
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