Miami's condos are going unsold

2019-07-11T20:07:00-04:00

Miami’s high-end real-estate market has drastically slowed in the past several years, as the Latin American buyers who led a frenzy of postrecession purchases have all but disappeared. South American economies that were roaring in the early years of the decade, including Brazil, Argentina and Venezuela, are now facing severe economic distress, which has devalued their currencies and left purchasers from those countries with far less buying power in the U.S.

Oversupply, the unknown threat of climate change, and shifting immigration patterns are pushing high-end condominium prices downward in Miami, where, The Wall Street Journal reports, sales have fallen off 24 percent from last year.

“There’s just an abundance of inventory,” Alexandra Peters, a Miami real estate agent, told The Wall Street Journal. She added, “there’s so much frustration. It’s hard to move properties.”

Although foreign buyers, long the backbone of Miami's high-end housing economy, are buying in fewer numbers than before, that hasn't stopped developers from building. According to the report, roughly 20,000 new units have been built or planned since the Great Recession.

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Miami's condos are going unsold