Bloomberg: Miami’s Frenzied Condo Market Cools Down

Bloomberg notes how how Miami’s pre-construction market has experienced the inevitable softening compared to last year’s red-hot pace.

As evidence, they cite:

 

Related president Carlos Rosso told the wire service that ‘this is a different market’ which won’t see a burst bubble.

 

(photo: phillip pessar/flickr)

 

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Anonymous
6 years ago

The market is a lot stronger than in the past cycle.
Buyers are putting a lot more deposits and banks are lending a lot less.
Developers are building a lot less and there are synergistic projects around the residential developments which will make all the developments a lot more desirable.
there will be no bubble nor a bust, because there no leverage…simply the market will contract and expand based on supply and demand.

A couple of years from now when Brickell Citycentre with 500,000 sft of retail including 11 cinemas , 20 restaurants, Saks Fifth Avenue as anchor tenant; All Aboard Florida station; the Miami Science Museum and hopefully Miami World center get completed these units will be a lot more expensive and desirable.

Anonymous
6 years ago

The only tower that I am hoping breaks ground soon is Hyde midtown. And the design district hotel. Those two round out emerging areas.

Outside of that this boom has been quite sweet, wynwood has turned into a significant area. Design district is amazing, midtown would be closer to full completion. Brickell got more street life and a new tallest. But unfortunately downtown somewhat lagged behind.

Jz
6 years ago

I’m as bullish as it gets, but at this point the pipeline inventory has to settle before any additional projects appear. This cycle has done well to advance the Brickell interior and retail activity throughout the urban core. It, like all others, will taper off (probably relatively soon) until the next one, hopefully a Class A office boom, emerges.

Anonymous
6 years ago

good market
keep the high deposits and low debt and it will regulate itself.

Really???
6 years ago

I think over the next couple of years the market will go sideways and weed out any of the developers who can’t hold on. That gives time to absorb all the new supply and City Center, Worldcenter, AAF all time to get open. Then we’ll need more office to support all the residential and retail growth. Then from there I think we move into a more mature market where the peaks and valleys aren’t as high as out traditional boom and busts of the past.

Anonymous
6 years ago

Gran Paraiso…. 50% reserved in 2 weeks.
Buyers are really focusing on good offerings!!

Anonymous
6 years ago

Wow if this is true, this really shows the strength of the market and weakness of the projects who haven’t done well. You can’t go wrong with waterfront land!