The lights are on in Downtown Miami.

posted on Friday, October 9th, 2009 by Marketing Director

According to recent study conducted by Goodkin Consulting/ Focus Real Estate Advisors, the outlook for Miami’s downtown skyline is not as grim as it seems.  62% of the residential units completed in downtown Miami since 2003 are occupied and closings are steadily accelerating. The study consisted of 73 condominium buildings and 7 rental apartment buildings and account for 22,959 units in downtown Miami. The encouraging news in accredited to increasingly attractive pricing and the centralized, urban location of downtown Miami.

Highlights of the study:

  • Of the total inventory of residential properties for sale in Miami-Dade County last month, 26% are located in Downtown Miami.
  • During the four year period from 2004 through 2007, an average of more than 2,000 condo units were absorbed annually; in 2008, more than 4,200 units were sold, despite the collapsed housing market and general economic recession.
  • During the four year period from 2004 through 2007, an average of more than 2,000 condo units were absorbed annually; in 2008, more than 4,200 units were sold, despite the collapsed housing market and general economic recession.
  • Of the 21,616 new condominium units studied, 13,337 have closed and 98.6% of the closed units are occupied.
  • The average monthly sales and leasing activity of new units has been averaging approximately 350 units per month.

The Residential Closings & Occupancy Study was commissioned by the Downtown Development Authority (DDA).  m2e president, Miroslav ‘Misha’ Mladenovic sits on the Board of Directors for the DDA.