62% of the residential units completedin Downtown Miami since 2003 are occupied, and the closing rate is accelerating despite obstacles to financing, according to a Residential Closings & occupancy Study conducted by independent research firm Goodkin Consulting/Focus Real Estate Advisors in partnership with the Miami Downtown Development Authority (DDA).
The study assessed occupancy & closing rates for 73 condo buildings and seven rental apartment buildings that have come on line in the Downtown Miami area since 2003. Combined units total 22,959 residential units.
Findings from the Study include:
- Condominium inventory & discounted trading prices will continue to enhance the attractiveness and affordability of the urban lifestyle in the downtown area.
- Of the 21,616 new condominium units completed, 13,337 have closed and 98.6% of the closed units are occupied.
- Average monthly sales of new units during the past three months increased over the three months prior, with a 12-month average of approximately 70 recorded closings per month.
- The average monthly sales and leasing activity of new units has been averaging approximately 350 units per month.
- 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 collapsedhosing market and general economic recession.
- Of the total inventory of residential properties for sale in Miami-Dade County last month, 26% are located in Downtown Miami.
- Historically, more than 70% of Downtown Miami residents were renters. So the balanced 50/50 mix between owners and renters in new Downtown condominiums indicates a steady increase in home ownership among area residents.
About the Author:The Miami Downtown Development Authority (DDA) is committed to improving the quality of life for businesses, employees, residents, and visiters in downtown Miami. The organization is governed by a 15-member board comprised of three public appointees and 12 downtown property owners, residents and/or workers. For more information about the Miami DDA and Downtown Miami, visit www.MiamiDDA.com Posted: Thu, 11 Jun 2009 Category: Press Release
All of this information is certainly a bright spot amid all of the negative press the real estate industry has been receiving, and yes much of this activity is due in part largely because of the drastic reductions in price developers have made to sell units and the attractive rental rates one can find now in the area.
Yes there is still much more needed but as more and more people migrate back to the urban core of Miami-Dade the quicker the needed change will come.
For a detailed view of Downtown Miamis’ Master Plan & other Relevant Studies
- Media & Entertainment District Overview
- Downtown Master Plan Executive Summary
- Southeast Overtown / Park West Community Redevelopment Plan
- Omni Community Redevelopment Plan
- Miami Downtown Transportation Master Plan
- Initial Streetcar Corridor Feasibility Study
- City of Miami Parks and Public Spaces Master Plan
- Proposed Museum Park Plan & Study
