According to Altos Research, there were 125 high-end condo transactions during the week of 11/15/2009 that skewed pricing forecasts and models, leading some to believe that Miami condo prices may have bottomed out. In reality, there are still over 9000 condos available for sale and median prices are continuing to fall as foreclosures hit the market.

A partnership of Armco Capital Inc. and Southwest Properties Ltd. paid $17.9 million in cash for 158 units to Goldman Sachs who had aquired the property in foreclosure. The original developer paid roughly three times that amount for Downtown Dadeland, a seven-tower residential and retail development in Kendall, Florida, about six miles south of downtown Miami.