MIAMI—Downtown Miami is now officially one of the most activeresidential real estate markets in the nation. A market-defying 93%of the 22,785 condo units built since 2003 are now occupiedprimarily with full-time residents, according to an independentResidential Closings & Occupancy study commissioned by theMiami Downtown Development Authority.

Conducted by Lewis Goodkin of GoodkinConsulting and Craig Werley ofFocus Real Estate Advisors, the study finds 84% ofthe condo units built during the building boom in the DowntownMiami area have been sold. That’s up six percentage points fromonly one year ago.

“Downtown Miami continues to defy national trends in real estateeconomics,” Werley tells GlobeSt.com. “Foreign demand forresidential product characterized by mostly cashbuyers is driving a market rebound not seen anywhere else.This is particularly remarkable considering the foreclosurecrisis that continues to grip much of the rest of theregion and state.”

Meanwhile, shrinking inventory saw total condo sales in DowntownMiami down approximately 5% from 2010. The average unit sales pricein 2011 was $370,003, representing a 6.4% increase from over 2010and 22.4% increase over 2009. The average price per square foot innew inventory rose by 12.6% to $365. The average rent per squarefoot also rose 10% year-over-year to $1.78.

The report also looks at specific condo projects. For example,Epic was 17% occupied in 2009. Today, occupancy stands at 89%. TheIcon Brickell had an occupancy rate of only 4.9%in 2009. Today, this 714-unit complex is also 89% occupied. And theInfinity at Brickell, which had an occupancy rate of 12% in 2009,is today almost fully absorbed with an occupancy rate of 98%.

“Downtown Miami continues to prove itself to be one of thecountry’s most resilient markets,” AlyceRobertson, executive director of the MiamiDowntown Development Authority, tells GlobeSt.com. “Demandis quickly outpacing supply and as a result, developers are onceagain coming off the sidelines to build new projects– and nearly adecade earlier than even the most bullish economistspredicted.”