Putting aside the Miami Beach condos landscape for a brief second, the downtown Miami area was quickly developing a reputation for being a ghost town of sorts due to the number of brand new yet empty Miami condos sprinkled throughout the area. It seems that may no longer be the case as a wave of new permanent residents is returning downtown Miami to its former glory.
According to a recent study, nearly 75 percent of the more than 22,000 units erected since 2003 are now occupied, that's quite an impressive statistic after recent reports showed that a large number of Miami Beach condos within the South Beach area remain empty. These encouraging numbers for downtown Miami represent an increase of more than nineteen percent since May of last year when only 62 percent of downtown Miami condos were occupied.
These figures are encouraging not only because they show improved occupancy, but also because it's a reliable indicator that the excess inventory of condominiums is dwindling down, the actual pace notwithstanding. This increase can also be attributed to the significantly reduced prices and the willingness for owners to rent out their condos to cover mortgage payments. Now the question is, will Miami Beach condos soon follow suit? Let's hope so.