On the surface, Miami’s condo market is in trouble. But beneath the surface, “the whole system is jammed up.”
With zero resales, “actual market value of the units in the project is uncertain.”
Condo prices plunge in granular data. Why industry numbers don’t add up.
It’s not like Miami hasn’t been through a horrendous condo glut before.
Microcosm of the condo boom-and-bust cycle.
Preconstruction condo flippers left twisting in the wind.
“Something unexpected may occur due to imbalances in the market.”
Over 7 years of supply.
“The market could get scary.”
Real estate agents see “looming” condo price correction.