{"id":1004051839,"date":"2012-03-16T07:41:23","date_gmt":"2012-03-16T15:41:23","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=39917"},"modified":"2020-04-07T04:51:45","modified_gmt":"2020-04-07T12:51:45","slug":"downtown-miami-defies-national-trend-with-residential-occupancy-up-to-93-percent","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-miami-defies-national-trend-with-residential-occupancy-up-to-93-percent\/","title":{"rendered":"Downtown Miami Defies National Trend with Residential Occupancy Up to 93 Percent"},"content":{"rendered":"<p style=\"text-align: justify;\">By Georgiana Mihaila, Associate Editor<\/p>\n<p style=\"text-align: justify;\">Less than three years ago, tens of thousands of condo units built during the 2002-2008 boom sat empty in downtown Miami. Yet what was arguably the worst real estate market in the country following the crash now stands out as one of the strongest.<\/p>\n<p style=\"text-align: justify;\">According to a recent study commissioned by the Miami Downtown Development Authority, 93 percent of the 22,785 condo units constructed since 2003 are now occupied with primarily full-time residents, signaling a tightening of the market as a result of limited remaining inventory. Conducted by Lewis Goodkin and Craig Werley of Goodkin Consulting\/Focus Real Estate Advisors, the report finds that 84 percent of condo units built during the building boom in downtown Miami have been sold, credited to strong demand for urban living in Miami.<\/p>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-39942\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/03\/Icon-Brickell.jpg\" alt=\"\" width=\"238\" height=\"300\" \/><\/p>\n<p style=\"text-align: justify;\">The Miami Downtown Development Authority looks at some of the projects hardest hit during the real estate crash that today stand as further proof of tightening in the market.<\/p>\n<p style=\"text-align: justify;\">For example, with 342 units, the Epic was 17 percent occupied in 2009; today, occupancy stands at 89 percent. Once classified by the <em>New York Times<\/em> as a \u201cmonument to excess,&#8221; the Icon Brickell had an occupancy rate of only 4.9 percent in 2009; today, this 714-unit complex is also 89 percent occupied. And the Infinity at Brickell, which had an occupancy rate of 12 percent in 2009, is today almost fully absorbed with an occupancy rate of 98 percent.<\/p>\n<p style=\"text-align: justify;\">The unsold inventory of new condo units in the downtown Miami area declined more than 25 percent in the past 12 months while prices continue to rise. \u201cDowntown Miami continues to prove itself to be one of the country\u2019s most resilient markets,\u201d said Alyce Robertson, executive director of the Miami Downtown Development Authority. \u201cDemand is quickly outpacing supply and as a result, developers are once again coming off the sidelines to build new projects\u2014and nearly a decade earlier than even the most bullish economists predicted.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cDowntown Miami continues to defy national trends in real estate economics,\u201d said Craig Werley of Focus Real Estate Advisors. \u201cForeign demand for residential product characterized by mostly cash buyers is driving a market rebound not seen anywhere else. This is particularly remarkable considering the foreclosure crisis that continues to grip much of the rest of the region and state.\u201d<\/p>\n<p style=\"text-align: justify;\">For more local news from Miami, <a href=\"https:\/\/www.multihousingnews.com\/city-pages\/miami\" target=\"_blank\" rel=\"nofollow\">click here<\/a>.<\/p>\n<p style=\"text-align: justify;\"><em>Photo Credits: Icon Brickell Official Website<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Georgiana Mihaila, Associate Editor<br \/>\nLess than three years ago, tens of thousands of condo units built during the 2002-2008 boom sat empty in downtown Miami. Yet what was arguably the worst real estate market in the country following the crash [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1492,21742],"tags":[],"class_list":["post-1004051839","post","type-post","status-publish","format-standard","hentry","category-miami","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Downtown Miami Defies National Trend with Residential Occupancy Up to 93 Percent - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/downtown-miami-defies-national-trend-with-residential-occupancy-up-to-93-percent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downtown Miami Defies National Trend with Residential Occupancy Up to 93 Percent\" \/>\n<meta property=\"og:description\" content=\"By Georgiana Mihaila, Associate Editor Less than three years ago, tens of thousands of condo units built during the 2002-2008 boom sat empty in downtown Miami. Yet what was arguably the worst real estate market in the country following the crash [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/downtown-miami-defies-national-trend-with-residential-occupancy-up-to-93-percent\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-03-16T15:41:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-07T12:51:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/03\/Icon-Brickell.jpg\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-defies-national-trend-with-residential-occupancy-up-to-93-percent\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-defies-national-trend-with-residential-occupancy-up-to-93-percent\\\/\"},\"author\":{\"name\":\"the Editors of Commercial Property Executive\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1b82b91678533ae5d40e3240086a42bb\"},\"headline\":\"Downtown Miami Defies National Trend with Residential Occupancy Up to 93 Percent\",\"datePublished\":\"2012-03-16T15:41:23+00:00\",\"dateModified\":\"2020-04-07T12:51:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-defies-national-trend-with-residential-occupancy-up-to-93-percent\\\/\"},\"wordCount\":398,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-defies-national-trend-with-residential-occupancy-up-to-93-percent\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/03\\\/Icon-Brickell.jpg\",\"articleSection\":[\"Miami\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-defies-national-trend-with-residential-occupancy-up-to-93-percent\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-defies-national-trend-with-residential-occupancy-up-to-93-percent\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-defies-national-trend-with-residential-occupancy-up-to-93-percent\\\/\",\"name\":\"Downtown Miami Defies National Trend with Residential Occupancy Up to 93 Percent - 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