Miami has always been at the center of the South Florida real estate boom, and more so in the case of condos. Realty analysts have noticed an enormous jump in condo sales for the last three quarters when compared to the same period of the previous year. This jump, an astounding 62% increase, comes as excellent news to the market that has been through a very bad period due to the recent financial crisis.
This increase in sales is spread over the urban core of Miami which includes the Central Business District as well as Omni and Brickell.
Property developers have been able to reduce their inventories at extremely reasonable rates because of the inflow of money into the market. Many deals are done with cash although some developers do offer financing as well.
What is even more interesting to realty market analysts is that a sizeable majority of condos in the Miami urban area are occupied. In fact, occupancy of condos is believed to be as high as 74 percent in this area.
This robust growth in condo sales and occupancy is indeed good for the market. It indicates a revitalization of the area and that the worst seems to be over.
