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New Condos Finally Filling in Miami

Posted by: Tim Halbur

14 March 2010 - 7:00am

Downtown Miami is on the upswing, with a new study showing that 74% of the condos built there since 2003 occupied. The market tanked in 2007 with the rest of the economy, but things are looking up.

The market unthawed as owners relented and started renting the condos they couldn't turn over and lenders cut prices drastically.

Elaine Walker writes, "For downtown leaders who have been pushing for years to revitalize the area, the condo bust has worked to their advantage.

'In a weird sort of way, it has been good for revitalization,'' said Neisen Kasdin, vice chairman of the Downtown Development Authority. "It accelerated the revitalization of downtown. Without the overbuilding and the great pool of rental units, downtown would not have been populated to the same extent.''"

Full Story: New life in downtown Miami as condos fill up
Source: The Miami Herald, March 12, 2010
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“
All of that only scratches the surface of what's wrong with this study. The idea that complex urban development patterns and human behavior can be meaningfully studied according to one primary criteria — density — is wrong from the start.
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