Which Greater Downtown Miami Condo Projects Had Fewest Resales In 2023?
A review of 2023 statistics identifies the condo projects that experienced the fewest number of sales in the Miami's Brickell Avenue Area, Central Business District and Biscayne Boulevard Corridor.
In a first of its kind report, CondoVultures.com is identifying the 10 condo projects with the fewest number of unit sales in Greater Downtown Miami in 2023.
The purpose of the rankings is to identify condo projects where owners did not want to - or could not - sell units in the 12 months of 2023.
Looking beyond a condo project’s location, age, ability to obtain financing and monthly association maintenance fees, many buyers evaluate the potential purchase of a unit in a building based on a variety of other subjective factors.
For some buyers, condo projects with a lot of resale activity suggests growing popularity, attractive amenities and an increased probability for resales in the future. For other buyers, projects with little resale activity suggests stability as no one wants to sell a quality asset assuming there are no material issues.
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Picking a Greater Downtown Miami condo building to reside in can be a confusing process given the variety of choices.
After all, Greater Downtown Miami is a five-mile stretch comprised of 185 proposed and existing condo projects with more than 52,800 units located between the Eddie Rickenbacker Causeway north to the Julia Tuttle Causeway, and Biscayne Bay west to Interstate 95, according to a recent report from CondoVultures.com.
In 2023, buyers paid more than $1.9 billion for about 2,436 condos in Greater Downtown Miami, according to a recent report.
Overall, here is a breakdown of the Greater Downtown Miami existing projects with the fewest number of sales:
18 projects with zero sales;
10 projects with one sale;
Six projects with two sales;
Eight projects with three sales;
Six projects with four sales;
And six projects with five sales.
It is worth noting, an additional 29 projects are new developments and closings did not occur in 2023, according to the stats.
Overall, some 83 new and existing condo projects - some 44 percent of the Greater Downtown Miami supply - had no more than five completed sales in 2023, according to the stats.
To assist with better understanding the market, CondoVultures.com has analyzed the 2023 condo resales to provide a ranking of the 10 least active buildings based on total unit sales.
The rankings are not proportional and ignore the total number of units in a project. Price, quality and amenities are also not factored into the rankings.
This list was created by CondoVulturesRealty.com using proprietary statistics along with data from the Southeast Florida MLX Matrix, Cranespotters.com, Miami-Dade Property Appraiser’s Website and Miami-Dade Clerk Of The Court.
For context, Greater Downtown Miami is made up of three distinctly different submarkets with the Brickell Avenue Area (posh), Central Business District (up-and-coming) and the Biscayne Boulevard Corridor (an upstart).
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.
More than half of all condo sales based on total dollar value - some $1 billion - occurred in the Brickell Avenue Area submarket that is defined as the Rickenbacker Causeway north to the Miami River.
The Central Business District submarket - also known as Downtown - generated more than $340 million in condo sales for an area that stretches from the Miami River north to the MacArthur Causeway.
The Biscayne Boulevard Corridor submarket - which includes the neighborhoods of Edgewater, Midtown and Wynwood - accounted for nearly $550 million in condo sales in 2023. The Biscayne Boulevard Corridor submarket stretches from the MacArthur Causeway north to the Tuttle Causeway.
Based on the closed sales in 2023, the Brickell Avenue Area submarket accounted for about 53 percent of the dollar value, the Biscayne Boulevard Corridor submarket generated about 29 percent and the Central Business District submarket represented about 18 percent, according to the stats.
Here is a comprehensive chart of the rankings, including the total number of unit sales, the average price per unit, price per square foot and the number of days on the market for the projects with the fewest number of transactions: