May
29
Miami’s Condo Frenzy Ends With Inventory Piling Up in New Towers
By-
Investors ‘no longer buying,’ selling instead, consultant says
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One owner at Related Group tower asking 7% less than he paid
Miami’s crop of new condo towers, built with big deposits from Latin American buyers and lots of marketing glitz, are opening with many owners heading for the exits.
A third of the units in some newly built high-rises are back on the market, though most are listed for more than their owners paid in the pre-construction phase. At the current sales pace, it would take 29 months to sell the 3,397 condominiums available in the downtown area, according to South Florida development tracker CraneSpotters.com…
Miami’s Condo Frenzy Ends With Inventory Piling Up in New Towers
