51 Percent of Miami-Dade's Unsold Condos Are in Brickell
Brickell, the so-called Manhattan of the South, was supposed to be Miami's next hot spot. Developers fully bought into the idea, and for a while it seemed a new luxury condo high-rise was breaking ground every other month. Then, whoops, the housing bubble burst, the recession hit, and many of those condo units now sit empty.
During the boom, 10,402 units in 32 buildings were put on the market. Only 66 percent have been sold. Many of the remaining units are high-end properties priced at more than $500,000. Units listed at less than a half-million are selling much quicker than their pricier counterparts, and very few units under $300,000 remain.
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