‘Don’t Sell Now’: Vacant Luxury Condos Are Driving Down Prices Across Downtown Miami
Real estate experts caution that the decline in prices is not as severe as the crash 10 years ago. Indeed, prices remain stable or are increasing in other areas like Doral that do not have an oversupply of condos.
But in the greater Downtown area, there is a 32-month backlog of condos, says Peter Zalewski, a real estate consultant who runs the website cranespotters.com. Online listings show thousands of units for sale at luxury condo towers including Rise, SLS Brickell, the Bond and 50 Biscayne.
Some of the condos are listed for more than $6 million, and others have been on sale for longer than a year. Values for several units have dropped more than 20 percent.
The oversupply comes as Miami-Dade County suffers from an affordability crisis. More than half of all families in the county spend over 30 percent of their income on housing—the third worst rent-to-income ratio in the country.