DDA Report: Downtown Miami Condos Rise in Sales, Price and Absorption

Downtown Miami, once viewed as the epicenter of the historic real estate boom-turned-bust, is now emerging as one of the country’s fastest growing urban centers. It’s the product of significant increases in population growth and commercial activity over the past two years.

An independent Residential Closings & Occupancy study commissioned by the Miami Downtown Development Authority reveals that 85% of the 23,628 condo and apartment units constructed since 2003 are now occupied, reflecting a 31% increase since June 2009.

The report found that sales activity is accelerating, prices are rising, and absorption ahead of schedule. At Pordes Residential, we’re finding this to be the case in other key condo markets, including Miami Beach and Bal Harbour. Read the entire report here.