Defining Moment: Greater Downtown Miami Condo Market On Pace To Surpass 50,000-Unit Mark

A review of 2023 condo statistics shows that developers have announced nearly 9,100 new condo units in Greater Downtown Miami since 2021.

It has taken six decades but Greater Downtown Miami is on the brink of eclipsing the mark of 50,000 condo units in an area that stretches about 60 blocks long between a pair of causeways, according to an analysis based on statistics from CondoVultures.com.

Fueled by an influx of corporate relocations and work-from-home employees who flooded into South Florida during the pandemic, developers have announced nearly 9,100 new condo units in Greater Downtown Miami since 2021, according to the stats.

Prior to this current boom, Greater Downtown Miami already had more than 43,725 units, according to the stats.

It is worth noting, the 50,000-unit mark excludes the thousands of new rental apartments that are planned, under construction or recently completed by companies - publicly traded or privately owned - that intend to rent out and not sell off their residential units in Greater Downtown Miami.

For context, Greater Downtown Miami is a 60-block stretch comprised of three submarkets - Brickell Avenue Area, Central Business District also known as Downtown and the Biscayne Boulevard Corridor - that extends from the Eddie Rickenbacker Causeway north to the Julia Tuttle Causeway, and Biscayne Bay west to Interstate 95, according to boundaries established for internal statistical purposes by CondoVultures.com in 2006.

From south to north, the Brickell Avenue Area submarket is defined as the Rickenbacker Causeway north to the Miami River.

The Central Business District submarket - also known as Downtown - is an area that extends from the Miami River north to the Gen. Douglas MacArthur Causeway.

The Biscayne Boulevard Corridor submarket - which includes the neighborhoods of Edgewater, Midtown and Wynwood - stretches from the MacArthur Causeway north to the Tuttle Causeway.

It is unclear how many of the nearly 9,100 new units will ultimately be built.

Keep in mind, the new condos in this cycle are at various stages of development - proposed, planned, under construction and completed - at a time when units are trading at record prices, interest rates are the highest in recent memory and property owners are struggling to deal with Florida's insurance crisis.

If all of the new condos are ultimately delivered by 2027 as scheduled, this would be the third greatest number of units added to Greater Downtown Miami's inventory supply during a a single real estate cycle since the early 1960s.

The Florida Condominium Act cleared the way for the sale of individual units in May 1963, according to government records.

The 2011-2020 cycle ranks second with nearly 11,200 units added to the overall condo supply in Greater Downtown Miami.

As significant as these most recent booms are, combined the two cycles only represent about 92 percent of the nearly 22,000 condos that were developed in Greater Downtown Miami between 2002 and 2010, according to the stats.

As everyone knows, that 2002-2010 condo boom ultimately resulted in a spectacular crash in Greater Downtown Miami that made international headlines thanks to dramatic price discounts on individual units, a flood of foreclosures and numerous bulk deals.

Prior to Greater Downtown Miami's legendary 2002-2010 boom-and-bust cycle, CondoVultures.com statistics show that developers built:

- Nearly 2,565 units between 1993 and 2001;

- Nearly 3,750 units between 1980 and 1992;

- Nearly 2,360 units between 1973 and 1979;

- And more than 1,900 units between 1963 and 1972.

Please note, the totals represent condo units that were built during a specified cycle and still exist today in Greater Downtown Miami.

We have crunched the statistics for the Year 2023 and plan on publishing a series of of reports during the next two weeks on CondoVultures.com looking at the winners and losers in Greater Downtown Miami.

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This information is believed to be accurate and complete but cannot be guaranteed or warranted. For more information, please call 305.865.5859 or visit CondoVulturesRealty.com