ISG Report Finds New Construction Condos In Miami East Of I-95 Are 83% Sold Out
Craig Studnicky's ISG World Miami Report has reported that new construction condos in Miami east of I-95 are 83% sold out. The report includes condos that are either proposed, under construction, pre-sold and recently delivered. As developers have scaled back on launching new projects, the falling inventory levels have resulted in prices being pressured upwards. Only 5 buildings will break ground this year, followed by another 3 in 2019 and 3 in 2020. Since mid-2011, 20,008 new condo units have been built and only 3,294 remain unsold. Of those, only 875 are available pre-construction. The report finds that condos built since 1993 have averaged 229% appreciation, 9% annually; and, that closed sales for condos averaged $913,492 in 2017. The report also found low inventory of housing available in Miami-Dade with only 3.13% of total inventory available for sale or rent.