"For more than a year, signs have been pointing toward a sharp downturn in Miami's condo market, and developers are positioning themselves for the bubble to burst.
Carlos Rosso, president of condominium development at Related Group, tells the Wall Street Journal that this time last year, his company was selling an astonishing 100 units a week in Miami. This year, it's averaging about 20 per week. Condo transactions in Miami Beach were down about 20 percent in the last quarter of 2015 compared to 2014.
Though the median sale price of condos in Miami-Dade has continued to rise slowly, developers don't expect the trend to continue. More than 7,300 new units are in the pipeline, and developers tell WSJ they're preparing to lower prices and offer more perks to move them. "
Read More at: www.miaminewtimes.com/news/miamis-condos-shift-to-a-buyers-market-but-dont-expect-another-2008-bloodbath-8355802
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