Developers have successfully sold out 19 new condominium towers with 3,085 units in the Greater Downtown Miami area since 2003, according to a new report from Condo Vultures® LLC.

Units in the sold out buildings closed at an average price of $424,923 and generated a total of $1.3 billion in completed transactions, according to the Bal Harbour, Fla-based consultancy that produced the report.

The early developer success leaves 64 new towers and projects with a combined 19,652 units under construction or in the process of closing, according to Condo Vultures® Official Condo Buyers Guide To Miami^TM.

Condo Vultures® is scheduled to publish an in-depth report on the closing ratios of the Greater Downtown Miami condo market during the week of Nov. 24, 2008. To receive a copy, please be sure to subscribe to the Condo Vultures® Market Intelligence Report^TM.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter's blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database^TM .

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