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Published: October 21 2011

New condo sales in Greater Downtown Miami slowed by 33 percent in the third quarter of 2011 on a year-over-year basis compared to 2010, leaving nearly 2,000 developer units still unsold from the real estate boom as of Sept. 30, according to a new report from CondoVultures.com.

Buyers purchased less than 300 new units for a combined $125 million between July and September of 2011 to reduce the number of unsold units controlled by the original developers to nine percent of the nearly 22,250 condos created in Greater Downtown Miami, according to a new report based on an analysis of Miami-Dade County Property Appraiser data.

The remaining 2,000-unsold developer units are situated in two dozen of the more than 80 condo projects that were created in a 60-block stretch comprised of the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor during the real estate boom that began in 2003, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

A year ago in September 2010, developers controlled 21 percent - nearly 4,600 units - of the new inventory in Greater Downtown Miami. In September 2009, the number of unsold developer units represented 36 percent - nearly 8,000 units - of the new inventory added to the market during the condo boom, according to the report.

"The Greater Downtown Miami condo market is changing due in large part to increased asking prices for the remaining unsold developer inventory," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "Investors and second-home buyers are still in the Greater Downtown Miami market searching for new condos at attractive prices but the competition is intensifying. Not only are developers of existing projects competing against each other but increasingly bulk owners are launching their resale campaigns to tap into the buying activity."

8th New Condo Tower Proposed For Greater Downtown Miami

Even as thousands of new condos remain unsold in Greater Downtown Miami, at least five groups are proposing plans to develop eight new towers with more than 2,800 units in the epicenter of the South Florida crash, according to a new report from CondoVultures.com.

Spurred by a strong pool of foreign investors, attractive land prices, and competitive building costs, the latest new condo tower to be proposed is the 46-story BrickellHouse project slated for a vacant site located between Brickell Avenue and Biscayne Bay, according to the South Florida Business Journal.

Pricing for the proposed 374-unit BrickellHouse tower – slated to break ground in the second quarter of 2012 - is to average about $380 per square foot, according to the news report.

BrickellHouse joins 23 Biscayne Bay, MyBrickell, Sky Palace at Mary Brickell Village, Brickell Citicentre, and the Resorts World Miami on the growing list of new condo towers proposed for the Greater Downtown Miami market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Interstate 95 east to Biscayne Bay, according to the CondoVultures.com Preconstruction Condo Projects list.

Bank-Owned Inventory Down To 200 Unsold Condos At ICON Brickell In Downtown Miami

Less than 200 new condos in the ICON Brickell North and South towers in Greater Downtown Miami are unsold and under the control of the construction lender as of Sept. 30, 2011, according to a new report from CondoVultures.com.  

Buyers purchased nearly 110 units for $53.2 million between July and September of 2011 from the construction lender, reducing the unsold bank-owned inventory in the ICON Brickell North and South towers to about 20 percent of the nearly 870 residential units taken back in a "deed-in-lieu-of-foreclosure" in May 2010, according to an analysis of Miami-Dade County records.

The ICON Brickell is comprised of a North, South, and West tower with a combined 164 stories of residential condos, restaurants, bars, retail, condo-hotel units, spa, and a massive amenities deck located on the south bank of the Miami River, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

Bulk Owner Resells 80 Condos In Downtown Miami's Vizcayne Project In Q3 2011

A New York bulk buyer resold 80 new units for a premium in the two-tower condo project Vizcayne - formerly Everglades on the Bay - in Greater Downtown Miami in the third quarter of 2011, according to a new report from CondoVultures.com.

The units sold at an average price of $311 per square foot for a combined $21.2 million in sales between July and September of 2011, according to an analysis of Miami-Dade County records.

In the previous quarter stretching from April through June of 2011, the project sold nearly 60 units at an average price of $297 per square foot, according to the Miami-Dade County Property Appraiser's Office.

Greater Downtown Miami's Paramount Bay Project Sells 18 Condos In Q3 2011

Buyers purchased 18 units in the Paramount Bay condo tower - which was repossessed by the construction lender consortium this summer - in Greater Downtown Miami in the third quarter of 2011, according to a new report from CondoVultures.com.

The units sold for a combined $12 million between July and September 2011 at the 47-story tower on North Bayshore Drive that overlooks Biscayne Bay, according to an analysis of Miami-Dade County records.

Paramount Bay's buyers – many of which are part of the original 264 preconstruction contracts - paid an average of nearly $465 per square foot of "engineered size" space while individual transaction prices ranging from less than $415 per square foot to nearly $600 per square foot, according to an analysis of deeds, condominium documents, and a court order recorded with the Miami-Dade Clerk of the Court.

Condo Vultures® Deep Discounts of the Week: Condos Under $250,000

Here is a list of some of the biggest discounts in the Vultures Database™ on condo units priced below $250,000 in Miami-Dade, Broward, and Palm Beach counties. For information, contact Condo Vultures® Realty LLC at 305-865-5629.

Miami-Dade County:

Aventura: Condo reduced 49 percent.

Bal Harbour: Condo reduced 13 percent.

Bay Harbor Island: Condo on the Intracoastal Waterway discounted 35 percent.

Brickell Avenue: Condo shortsale on the bay discounted 26 percent.

Coconut Grove: Condo reduced 23 percent.

Coral Gables: Condo shortsale reduced 42 percent.

Downtown Miami: Condo discounted 25 percent.

Miami Beach: Oceanfront condo discounted 50 percent.

South Beach: Condo shortsale reduced 41 percent.

Sunny Isles Beach: Waterfront condo reduced 34 percent.

Surfside: Condo discounted 10 percent.

Broward County:

Dania Beach: Condo reduced 31 percent.

Fort Lauderdale: Condo shortsale on the Intracoastal Waterway discounted 58 percent.

Hallandale Beach: Condo reduced 40 percent.

Hollywood: Condo shortsale on the ocean discounted 51 percent.

Pompano Beach: Condo shortsale reduced 52 percent.

Wilton Manors: Bank-owned condo discounted 12 percent.

Palm Beach County:

Boca Raton: Condo shortsale reduced 44 percent.

Boynton Beach: Condo shortsale reduced 56 percent.

Delray Beach: Condo shortsale discounted 28 percent.

Palm Beach: Condo shortsale discounted 45 percent.

West Palm Beach: Condo shortsale reduced 41 percent.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™, Official Condo Buyers Guide To South Beach™,and Official Condo Buyers Guide To Sunny Isles Beach™, are now available. Need a historical perspective? Check out the four-book series Miami's Great Condo Crash: A Chronicle Of The Boom And Bust™ . Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.