CondoVultures.com analysis of the 1st quarter of 2013 revealed that 600 new South Beach condos are not yet sold. These are the vestiges of South Florida’s last boom. The units are selling at an average of only 2 units per month as the prices increase.
Compared to the fourth quarter of 2012, the average price per square foot has increased by 36% to nearly $1,015 compared to $750 per square foot last year. The unsold developer units that are unsold at the South Beach condo market is at 11% of the 5,600 units created in 2003.