Downtown Miami Increased Home & Condo Sales This 2nd Quarter – Rental Property Rates Go Up
Downtown Miami has recently experienced over the past two quarters this 2011 an increase in condo and home sales in the area – which is the biggest growth downtown Miami real estate market has felt in quite a while. But despite the increase of sales, downtown Miami are still 4,400 condo units short of burying the remnants of the last decade’s boom.
Since there was an oversupply of condo units in the downtown Miami area – real estate experts have seen how the inventory of condo units shrinks little by little as the year went by. However, that does not mean that the real estate market is out of trouble just yet. Since there are still 4,400 remaining units – it is estimated that it will take approximately 30 months or 2 and a half years to totally rid of the old inventory.
As of the 2nd quarter of 2011, there are reported 882 home and condo sales made in downtown Miami, both new and pre-owned. Compared to last year’s results, the market is down 10 percent in terms of home sales, but was 12 percent higher from the first quarter of 2011 compared to last year’s 11 percent.
Though these numbers may not be remarkably high – but you got to consider that these sales are happening amidst global recessions and the continuous weakening of the U.S dollar exchange. With more condo and home sales coming in, it is no surprise that the rental rates have risen up to 7 percent from last year’s average.
It is not a surprise that just like the rest of South Florida, downtown Miami has its share of foreclosed properties as well. Just this second quarter, the filings for Miami foreclosure however had an amazing 60 percent down compared to last year’s scores.