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Oversupply alert: Bal Harbour, Surfside and Bay Harbor Islands may have 2 years of excess inventory
Nothing screams buyer’s market like excess inventory. And judging by a new report, sellers and developers in Bal Harbour, Surfside and Bay Harbor Islands could be dealing with just that.
That market currently has about two years of excess luxury condominium inventory, according to a new report from Condo Vultures Realty.
During the first half of this year, 39 units sold in the three cities, meaning an absorption rate of less than seven units per month, according to the report. But nearly 245 luxury units are listed for sale. The report defines luxury as units asking $1 million and up, and excludes the pipeline of preconstruction units.