INTERESTING FACTS ABOUT THE MIAMI DOWNTOWN AREA
The Miami Downtown Development Authority stated in a recent study that despite the economic downturn and a tight credit market that people are filling up condominiums in downtown Miami. The study found that 62% of the 73 condo developments and seven rental apartment buildings in the downtown area that have come online since 2003 are occupied and that lower prices and location are driving the demand.
The recent condo rental programs that have been implemented by concerned developers, who had tons of empty units to deal with and their maintenance costs, are transforming urban Miami attracting more young professionals and making a dent in the oversupply of housing that came along with the condo boom.
The study also found many other interesting facts, such as:
- Of the 21,616 new condominium units completed, 13,337 have closed. Of those, 98.6 percent are occupied.
- Average monthly sales of new units during the past three months increased over the three months prior, with a 12-month average of about 70 recorded closings a month.
- The average monthly sales and leasing activity of new units has been about 350 units a month.
- In 2008, more than 4,200 units were sold, despite the collapsed housing market and general economic recession.
- Of the total inventory of residential properties for sale in Miami-Dade County last month, 26 percent were located in downtown Miami.
- Historically, more than 70 percent of downtown Miami residents were renters. So, the balanced 50-50 mix between owners and renters in new downtown condominiums indicates a steady increase in home ownership among area residents.
Patience and perseverance are showing its rewards!
