Miami Condo Sales 2009

Condo Vultures LLC recently reported that buyers purchased 700 condos in the fourth quarter of 2009 in the downtown Miami, Brickell and Biscayne Boulevard corridor bringing the total for 2009 to more than 2300 condo purchases.  Downtown Miami condo prices have dropped from approximately $300 per square foot to about $200 per square foot (below replacement cost) which has helped boost sales.  Between 2003 and 2010 more than 22 thousand units were constructed in the downtown Miami area alone.  Even with 2009 sales volume, approximately 7300 units still remain in the hands of developers or lenders.  www.CondoVultures.com