More Miami Condo Properties Are Being Purchased Everyday – Less Than 600 Units Available For 2011
Real estate experts in Miami have been in awe to the continuous shrinking down of its inventory of condos – making Miami one of the most successful real estate markets in the United States at the moment.
With less than 600 condominium units up for rent in the market of downtown Miami, more and more people are having concerns with rent inflating every so often due to the shrinking real estate market of condo units. Having an average of 362 leases each month – on an average scale – the inventory of condo units for rent could and would be sold in less than two months.
There were 22,500 units that were built during the real estate boom of 2003, and in the second quarter of 2011, foreign buyers of home properties and condos have purchases 807 condo units directly from its developers – which were actually dropped by 75% – that was when there were still 8,800 new condos for sale. Today, all we can say is that the real estate market of Miami has never been satisfied with the outcome after years of struggle.