Analyst Says Miami’s Overbuilt Condo Market Is Officially “Distressed”
Miami real-estate analyst Andrew Stearns releases a report about the health of the city’s condominium market four times per year. Read between the lines of Stearns’ last three consecutive releases, and it’s easy to picture him pulling out clumps of his hair and nervously loosening his tie as he writes the reports.
In the past year, Stearns’ predictions for the city’s “preconstruction” condo market have gone from bad to worse to, as of yesterday, apocalyptic. Stearns has warned for close to 12 months that Miami property brokers can’t sell all the new condos that developers are building. But in a new report issued yesterday, Stearns officially labels Miami’s units for sale that haven’t yet been built as “distressed.”