In downtown Miami, 90 percent of sales were international, primarily to investors, according to Integra Realty Resources and the city’s downtown promotion agency.
As construction cranes crowd the coastline and developers strive to lure wealthy international buyers with brand name towers and lavish amenities, there are signs Miami’s latest condo boom has begun to slow and a possible oversupply could temper record prices.
Since mid-2011, some 175 towers with more than 27,000 units have been proposed in Miami, says real estate analyst Peter Zalewski of CondoVultures.
Florida led the nation for foreign buyers in the quarter ending in March, attracting 23 percent of $92.2 billion of nationwide sales, according to the National Association of Realtors.
In the face of economic uncertainty and potentially higher taxes in Europe, Asia and Latin America, wealthy individuals are drawn to Miami’s year-round sunshine and prices that are still low when compared with other global capitals.
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