With a drop in luxury sales and a flood of condo inventory, Miami’s luxe market is losing its momentum, but is it headed for a crash?
In the cover story for The Real Deal‘s fall issue, now available online, we explore the slowdown in Miami’s luxury residential market, pointing to a buildup of inventory and a strengthening U.S. dollar. But while inventory is also increasing in Broward, so are sales, where the strength of the luxury market is in single-family homes.
We also sat down with developer and investor Moishe Mana to discuss his plans for downtown Miami, where he has spent nearly $200 million acquiring properties, and Wynwood. Both areas will target Miami’s young, urban professionals, he said.
Meanwhile, we compiled the five greatest projects, based on potential size and impact in Miami-Dade County, that never made it to a groundbreaking, despite the hype.
TRD also took an in-depth look at seven emerging Miami neighborhoods, including Overtown, North Beach and Coconut Grove, and examined the renaissance of residential and commercial activity.
And, we spoke with South Florida’s ruling real estate dynasties — the Hollos, the Cerveras, the Soffers and more — about how they negotiate professional and personal dynamics to stay on top.
There’s a lot more coverage available in this edition of the South Florida Market Report, so to read the issue, click here or on the magazine tab on the top left of the homepage. Enjoy! — Katherine Kallergis