What condo glut?
That’s what Aventura-based International Sales Group asks in a report released Friday that pooh-poohed the notion that tens of thousands of condo units would overwhelm Miami-Dade and Broward counties.
The report said 62,000 units were projected for downtown Miami alone beginning in 2005, but only 17,502 actually were built. And more than 70 percent have been sold.
“The same misconception that haunted Miami is attached to Fort Lauderdale and Broward County,” the ISG report says.
Though it’s unclear how many Broward condo units originally were projected, 5,092 were built and more than 87 percent have been sold.
Only 637 units remain. ISG did not include Palm Beach County in its report.
CondoVultures.com has drawn a similar conclusion about downtown Fort Lauderdale in a separate report released Monday.
“By the end of 2011, the new developer inventory will be sold, based on current sales,” said Craig Studnicky, ISG principal.
At that time, there will be a need for new product again, though construction will still be a couple years away, added ISG co-founder Philip Spiegelman.
Read more: http://www.miamiherald.com/2010/11/16/1927807/isg-report-sees-no-future-condo.html#ixzz15TjNwS8f
