The end is near: Downtown Miami’s condo cycle will likely end this year, report shows
After a more than eight-year run that changed the Magic City’s skyline, Greater Downtown Miami’s condo cycle is likely nearing the end.
The Downtown Development Authority’s mid-year report, prepared by Integra Realty Resources, suggests that the cycle is coming to a close as Miami’s urban core has yet to see a new condo project break ground so far this year.
The average resale prices for condos fell to $392 per square foot from $405 per square foot at the end of 2017 – a sign that per-square-foot prices are returning to 2014 levels. Condo prices will likely continue to fall in the near future on a per-foot basis to about $360 per square foot.