End of Glut: Miami-Dade Housing Inventory Dwindles Rapidly

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By Yudislaidy Fernandez
Miami-Dade’s housing inventory is dwindling as internationals continue a buying frenzy for real estate at discounted prices, reflecting a more balanced market with six months of housing supply. If sales stay at the current pace, the existing inventory would be absorbed by year’s end, making the question of how much inventory is coming down the pipeline key to forecasting what’s ahead for the local housing market. Inventory housing, consisting of single-family homes and condos, has dropped 21% since Jan. 1 and 60% since August 2008, according to data from the Miami Association of Realtors and the Multiple Listing Service. Peggy Fucci, senior vice president of sales and marketing at ST Residential, which owns a large portfolio of condos, is slowing down sales at towers close to sold out.
The 530-condo Mint at Riverfront began sales in January and has sold 380 units, with 150 left, Ms. Fucci said. At the 459-unit Infinity at Brickell, sales began a year ago and 50 units remain. ST Residential has three new condo towers coming online by year’s end, Paramount Bay in the Omni area, Artecity in Miami Beach and Dolcevita in Palm Beach Shores.

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Pamela Diaz-de-Leon With an accomplished background encompassing Diplomacy, Architecture, Business and Film, Pamela Diaz-de-Leon brings to the real estate industry the entrepreneurial expertise which stem from her interdisciplinary experience. Her world wide network of distinguished personalities carefully knitted of relationships formed in her five years as the Cultural Attaché for the Instituto Cervantes, serving the King of Spain, in Chicago, and her Hollywood connections acquired while working with a recognized film distributor, give her the global platform in which she has developed her business with great success. Knowledgeable, informed and organized she holds ethics and integrity as her highest values thus, providing her customers with an excellence of service that ensures their utmost satisfaction and their continued loyalty to her work. Office. 305.677.5055 Cell. 305.720.8439
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