Condo Market already rebounding in Downtown Miami

Downtown Miami’s condo market saw marked improvement over the first six months of the year, according to a new study from the Miami Downtown Development Authority. Despite rampant over-development during the housing boom, which by many accounts caused the market to go bust, the area is already making a comeback. Sales accelerated, with 1,933 units sold during the first two quarters, up 110 percent from the same period in 2009. Prices rose in the first half of 2010 by roughly 16 percent. Unsold new inventory has also been steadily declining, reaching around 5,400 units by June 30, all of which are on track to be absorbed over the next 18 months. Of course, that doesn’t count the 870 new units at the Mint at Riverfront and Paramount Bay condos, which have been completed and are set to hit the market shortly. Nor does it include the resale inventory that is expected to come back online but is, for now, in the hands of investors. [Miami Herald]

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