Although condo sales have slowed down in South Florida recently, leading condo experts believe Miami’s condo market remains positive and another meltdown doesn't appear imminent, reports Brian Bandell of the South Florida Business Journal.
On Tuesday, the Urban Land Institute gathered the region’s leading condo builders and designers at a symposium where they each acknowledged that the sales pace for new units has slowed, and it appears the strengthening of the dollar against foreign currencies is to blame, says Bandell.
Kevin Malony, principal of Property Markets Groups, said he’s not worried about the market. “You are not in an economy where real estate in Miami will have a downturn, unless you believe we will have a national housing crisis,” Malony said. “There’s a lot of stuff that isn’t going to get built. The first-time developers who are building in fringe areas, a lot of those won’t go through pre-sales.”