Study: Downtown Miami condos near 100% occupancy

No vacancy in Miami’s condo canyon

The latest report card on downtown Miami’s condo market shows almost all of the units built during the housing boom are full. That’s thanks to renters, who would be priced out if not for all of the cash purchase deals.

By DOUGLAS HANKS

[EMAIL]dhanks@MiamiHerald.com[/EMAIL]

Miami’s infamous condo canyon is almost full, thanks largely to a steady flow of cash from Latin America.

The latest survey of downtown high-rises built during the housing boom shows more than 90 percent of the condos are occupied. After Latin American investors snapped up condos at distressed prices amid a wave of bankrupt high-rises, they turned to local renters to fill them. Four years into the buying spree, vacant units have almost disappeared.

The study by Miami’s Downtown Development Authority found 93 percent of the nearly 23,000 condominiums built in downtown Miami after 2002 are occupied. Of that, only about a third are occupied by full-time by owners, with the majority serving as rental apartments.

Other indicators point to a downtown that is an increasingly popular place to be. The bust didn’t stop a wave of new retail complexes from opening, including the Midtown Miami mall on northern side of downtown and the Mary Brickell Village mall to the south. Restaurant taxes have surged 77 percent within Miami city limits since 2005 compared to a 35 percent gain countywide.

http://www.miamiherald.com/2012/03/02/v-fullstory/2683428/no-vacancy-in-miamis-condo-canyon.html

3 Comments

  1. bigswinging

    April 25, 2012 at 12:03 am

    Fortune’s Brickell Run Club

    http://www.youtube.com/watch?v=RVuKL-K5p8A“]

  2. Afi K. James

    April 25, 2012 at 2:06 am

    Nice.

  3. yellows2k

    June 7, 2012 at 12:26 am

    Posted on Wed, Jun. 06, 2012
    Miami condos: “amazing turnaround” says Fed official

    By Douglas Hanks
    [EMAIL]dhanks@MiamiHerald.com[/EMAIL]
    Dennis Lockhart, president of the Federal Reserve’s Atlanta division, expected far worse from Miami real estate.

    “In 2008 and 2009, what I was hearing was condo towers essentially being empty’’ in downtown Miami, Lockhart told a Broward County business group Wednesday morning. A recent survey shows something far different: about 90 percent of downtown’s condos are either rented or occupied by an owner.

    “It’s an amazing turnaround,” Lockhart said.

    http://www.miamiherald.com/2012/06/06/2836413/miami-condos-amazing-turnaround.html#morer

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