Posted by Tadd Schwartz, Schwartz Public Relations
Ladies and gentlemen, we’ve really turned a corner. As many of our local readers know, the Miami Downtown Development Authority is aggressively working to transform Downtown Miami into an ideal place to live, work and visit. And with the release of the DDA’s recent Residential Closings and Occupancy study, results are showing. You may have read about the report in the Miami Herald and New York Times, or seen it on CNBC and NBC news, but in a nutshell, the study found that 74% of the condos built since 2003 are now occupied, a 12-point increase since May 2009. At the same time, condo closings are accelerating, with nearly 70% of the units built during the residential boom now sold. As you might imagine, this occupancy growth is having a bottom-line impact on the Downtown Miami economy. The area’s retail vacancy rate of 5.06% is among the five lowest in the nation and last year Downtown welcomed 42 net new retail businesses. For the first time in Miami’s history, our urban core is emerging as a magnet for businesses, residents and visitors. And the nation is taking note, recognizing Downtown’s urban renaissance as a bright spot in the national real estate market. Click below to watch news coverage of the Downtown Miami housing market.
NBC NIGHTLY NEWS: “Downtown Miami: From Boom to Bust to Boom” (4.3.10)
“Downtown Miami occupancy at 74 percent”
NBC TODAY SHOW: “Housing Market on the Rebound” (3.17.10)
“Downtown Miami is now home to a growing population of young professionals, families, empty nesters and Latin Americans who are making Miami their primary residence.”
MSNBC/CNBC: “Housing Battles Back” (3.16.10)
“Inventory’s been flying off the shelves by 350 units a month.”