Skyline lights buck odds

June 26th, 2009

With dozens of high-rise condos in trouble and an urban core that isn’t too active after dark, some analysts expected Downtown Miami to look like a ghost town after sunset once the housing bubble burst.

About 80 buildings comprised of 23,000 units have come online since 2003, so those predictions seemed reasonable after the 2006 peak. But a new study from Goodkin Consulting/Focus Real Estate Advisors says otherwise.

The majority of the residential units completed in Downtown Miami since 2003 are occupied and the closing rate is accelerating despite obstacles to financing. There’s still a long way out of the bottom, but the process is moving.

Click here to read the rest of my story on The Real Deal.

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