International Sales Group (ISG) World has reported that nearly 75% of new condos for sale in Fort Lauderdale and Miami condos have been spoken for. The study included units that have already closed as well as pre-sales going back to the 2nd quarter in the largest condo markets in South Florida from Miami to Fort Lauderdale.
As currencies have weakened globally, international buyers need to pay more when converting foreign currency into US dollars. Combined with buyers seeking financing having difficulty in obtaining mortgages on new condos, many local developers are seeing a decline in condo sales this year.
Condo Markets covered in the ISG Wold reporting percentage of units sold include:
- Brickell - 82%
- Biscayne Corridor / Downtown Miami - 68%
- Beach area - 72% including Miami Beach, Sunny Isles Beach Surfside, Bal Harbour, Hollywood and Hallandale Beach
- Aventura - 61%
- North Miami Beach, Key Biscayne and Coconut Grove - 84%
- Fort Lauderdale - 46%