In a first of its kind report, CondoVultures.com is identifying the 10 condo projects with the fewest number of unit sales in Greater Downtown Miami in 2023.
The purpose of the rankings is to identify condo projects where owners did not want to – or could not – sell units in the 12 months of 2023.
Looking beyond a condo project’s location, age, ability to obtain financing and monthly association maintenance fees, many buyers evaluate the potential purchase of a unit in a building based on a variety of other subjective factors.
For some buyers, condo projects with a lot of resale activity suggests growing popularity, attractive amenities and an increased probability for resales in the future. For other buyers, projects with little resale activity suggests stability as no one wants to sell a quality asset assuming there are no material issues.
Picking a Greater Downtown Miami condo building to reside in can be a confusing process given the variety of choices.
After all, Greater Downtown Miami is a five-mile stretch comprised of 185 proposed and existing condo projects with more than 52,800 units located between the Eddie Rickenbacker Causeway north to the Julia Tuttle Causeway, and Biscayne Bay west to Interstate 95, according to a recent report from CondoVultures.com.
In 2023, buyers paid more than $1.9 billion for about 2,436 condos in Greater Downtown Miami, according to a recent report.
Overall, here is a breakdown of the Greater Downtown Miami existing projects with the fewest number of sales:
- 18 projects with zero sales;
- 10 projects with one sale;
- Six projects with two sales;
- Eight projects with three sales;
- Six projects with four sales;
- And six projects with five sales.
It is worth noting, an additional 29 projects are new developments and closings did not occur in 2023, according to the stats.
Overall, some 83 new and existing condo projects – some 44 percent of the Greater Downtown Miami supply – had no more than five completed sales in 2023, according to the stats.