Florida real estate firm Condo Vultures reports that an average of 500 condos were sold per month from April to June 2010 in downtown Miami, a 103% jump from the same quarter in 2009. The nearly 1,500 transactions for the period amounted to gross sales of $584 million. The buying frenzy has left a little over 5,000 new condos in the area unsold -- about 23% of the submarket's total inventory (down from 40% last year).
Buyers snapped up the condos as developers lowered prices, in some cases by as much as 51%.
The largest transaction in this quarter occurred in May, when 870 units were purchased in two towers of the ICON Brickell complex by HSBC Bank.