From the April issue: The convergence of dwindling foreign capital and a bountiful inventory of luxury condominiums is grinding down South Florida’s once-robust residential real estate market. Gone are the days when buyers ran each other over to be among the first to purchase an ultra-luxurious residence in a building designed by Zaha Hadid, Norman Foster, Richard Meier and other starchitects. Listings for multi-million dollar condos are staying up longer, while price points are dropping from downtown Miami to Golden Beach.
“We currently have an oversaturation of units priced $1 million and up,” said Jack McCabe, a real estate analyst based in Broward. “Coupled with a significant drop in sales last quarter, it raises questions about the market’s strength.” [more]