South Beach's Unsold Inventory

Real Estate Blog Article

Thursday, March 11, 2010

Does the Miami Beach condos landscape seem a bit less crowded than what's customary?  It's not entirely surprising.  Despite several areas within the barrier island seeing price drops, recent reports show that over 1,300 units available for sale amongst the more than 5,500 available in South Beach are still in pristine condition as they have literally never been lived in.  In other words, they've remained unsold as of the beginning of this year.

As a whole, prices for Miami Beach real estate have dropped somewhat but that's not quite the case in the South Beach area.  Being that South Beach receives worldwide exposure and is where the priciest condominiums are, there's significantly less odds of developers willing to negotiate on prices since demand remains relatively strong.

Over the past seven years more than two dozen Miami Beach condos have been built yet less than fifty percent of those projects have completely sold out .  These numbers are a fascinating real world example of the large amount of excess inventory in Miami Beach yet the strong demand remains.  Would greater flexibility in price help to sell more of these unsold units or is such a move not even necessary?

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