Downtown Miami Has Nearly Six-Year Backlog of New Luxury Condos Amid Housing Crisis
Earlier this year, real-estate analyst Peter Zalewski warned that South Florida developers had so overbuilt luxury condos for the global 1 percent that it would take an estimated four years to sell them all. At the rate condos were selling in downtown Miami, he found, the 505 available units would have taken nearly 6.5 years (78 months) to sell during the slower, winter buying season. In the meantime, low- and middle-income Miamians are suffering from a dire lack of basic affordable homes.
Well, the state of affairs in what Zalewski dubs “greater downtown Miami” has grown only worse.