If you were to explore Miami Beach condos for sale, you wouldn't have to worry too much about making a speedy buying decision. According to recent numbers, there's a whopping eighteen years of Miami Beach condos to purchase.
Not many people were snapping up condo units during the third quarter of this year, only nineteen units were sold during this period in the popular area of South Beach. To put it in perspective, South Beach condos are being sold at a rate of about six units each month. This means that of the more than thirty buildings that emerged during the housing boom, less than twenty of them have sold out and only six of them have occupancy over fifty percent.
This glut of unsold property may actually have to do with a very common problem: stubborn sellers. These aren't your typical sellers, but developers with asking prices of $1,500 per square foot, a stark contrast to the $355 per square foot number of nearby downtown Miami.
Are developers in need of a reality check in order to break the stymie or are these prices justified when considering the city that all of these condominium buildings are in?