Developers in Miami have been pushing the high-end condo market in recent years, building towers the local population can't afford but that the global elite eat up. But new signs are showing the market may be slowing down once again.
In this article for MarketWatch, real estate broker Sep Niakin, analyzes five telltale signs the market is softening, including relaxed finance options and standards, a high number of new real estate licenses, lower preconstruction deposit standards, and murky quotes from developers in otherwise positive or nuanced headlines. However, last but not least, is the amount of preconstruction projects that have been canceled recently.
In the past nine months a number of preconstruction projects have been canceled, Including Ion in East Edgewater, Six Midtown, Edge Residences in Brickell, Bath Club Estates in Miami Beach and others. Developers don't cancel projects unless developers know their properties won't sell.