Cranes are still everywhere in Miami's skyline.

Developers in Miami’s condo market have started canceling projects, slashing prices and offering incentives such as private-jet access to spur sales, an ominous echo of the housing crash that pounded South Florida especially hard.

Wall Street Journal staffer Laura Kusisto reports that Miami Beach condo transactions declined in Q4 2015 nearly 20% from a year earlier, while inventory jumped by nearly a third, according to a report from appraisal firm Miller Samuel Inc. The median sales price slipped 6.6%, according to the report. Kusisto writes:

The south Florida condo market is especially vulnerable to swings in the global economy because developers rely heavily on foreign buying, particularly South Americans, Russians, Europeans and Canadians.

Foreign investors have pulled back as the value of their currencies has dropped versus the dollar. Brazilians, for example, have seen the value of their currency against the dollar slip nearly 42% since 2014, while Argentines have seen their purchasing power in the U.S. decline more than 40%, according to Integra Realty Resources.

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