Condo sales surge in greater Downtown Miami area in Q1 2010
A new report by Condo Vultures concluded that good numbers continue to appear for the real estate market in the Miami area, and more precisely, in the greater Downtown Miami area –which includes the Brickell area and the Biscayne Corridor as well.
The good news is that during the first quarter of 2010 sales managed to reach 700 new units sold (units build after 2003), in comparison with the 370 new units sold during the same period of 2009. The top selling condos in the greater Downtown Miami are ICON, which managed to sell more than 164 units; Wind by Neo, which features Miami Riverfront views; the Gallery Art Condominium; the 500 Brickell and the 900 Biscayne, with 72 and 46 sales respectively.
The information provided by Condo Vultures indicates clearly that a recovery is on the way. By now, 70% of the new inventory at the Brickell area has been completely sold, and 65% of the new units built in Downtown Miami are also over. The numbers also aid in the conclusion that 35 out of 82 are completely sold and 24 of them sold already half of its units.
The good news means that prices may be on the way to the top again. It is to consider that the areas addressed by the Condo Vultures document have hardly been subject to financial aids, since the products offered are high class luxury units; the attractiveness of the areas is helping the Brickell area to recover on itself, pushing prices back again to levels prior to the bubble burst.
This news urges those who have not made the decision yet, to make smart decisions in the right time. Spring time also brings prices recovery to the appealing Brickell, Brickell Key and Downtown Miami areas, so the call is for potential buyers to decide whether to wait for prices to climb, or to buy immediately.
Tags: Condo Vultures, Brickell Key, Brickell, Downtown Miami, greater Downtown Miami, ICON condo, Wind by Neo condo, 500 Brickell condo, luxury condos, waterfront condos.
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