7,000 New Condos Remain Unsold in Southern Florida Real Estate Market

According to a new report from South-Florida based Condo Vultures, nearly 7,400 condominium units – some 15 percent of the total new inventory – created near the coast in the tricounty South Florida region during the real estate boom are still not sold as of Dec. 31, 2010.

Developers created nearly 250 projects with 49,000 units since 2003 in the seven largest condo markets east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties during the boom that began in 2003.

In the four decades prior to the boom, developers created nearly 700 condominium projects with more than 76,500 units in the same seven coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Downtown Fort Lauderdale and the Beach, Hollywood / Hallandale Beach, Downtown West Palm Beach and Palm Beach Island, and Boca Raton / Deerfield Beach., reports Condo Vultures.

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