Published by Peter Zalewski
1/3/2024 
2:45:47 PM Is Miami’s Latest Condo Boom Driven By Demand Or Interest Rates?
“Well, in 2022 if you look at where SOFR (Secured Overnight Financing Rate) was, it was 18 BPS (basis points) just 18 months ago at this time. SOFR is now, I think, what 530 so you had cheap money or free money in a marketplace,” Miami Developer Kevin Maloney of Property Markets Group told CNBC. “Sales were consistenly strong and developers were really able to get that debt financing to get out of the ground. That constitutes the, really, the remaining of the standing inventory.
“And then with low interest rates and a hot economy, you have a whole bunch of new product entering the marketplace. I think that product is going to be probably sitting for a period of time before it gets into the ground mostly because credit markets are a little tougher today.”
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Condo Market Inventory Tracker
A Snapshot Of Tricounty South Florida Region Of Miami-Dade, Broward And Palm Beach
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 24,016 | 10.2 |
| Luxury Condos | 3,740 | 15.1 |
| Shortsales | 30 | 15.0 |
| REOs | 126 | 6.6 |
| Rentals | 21,476 | 3.9 |
Peter Zalewski is a licensed real estate broker and consultant focused on the South Florida condo market. Zalewski is a former special contributor to the Miami Herald and a former real estate columnist for The Real Deal magazine. Zalewski now hosts the Miami Real Estate Investing Podcast that is available in audio and video wherever you get your podcasts.
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