The vast majority of condos in Miami’s new and proposed condo buildings have been pre-sold, in a highly bullish report from ISG World.
Highlights of the report include:
- Most new condos sold out: 83% of the 20,008 new condo units east of I-95 that are proposed, under construction, or delivered have been pre-sold
- Little new inventory coming to market: New condo groundbreakings are a fraction of what they were a few years ago. Smaller levels of new supply could put upwards pressure on pricing
- Low inventory on existing homes: Residential inventory for rent and resale in Miami-Dade and Broward is low, with active listings stable
- Long term trend is up: On average, condos built since 1993 have appreciated 229%, or 9% per year
The full report is below.