Published by Peter Zalewski
1/2/2024 
5:08:09 PM Will Miami Have A Luxury Condo Problem In 2024?
“There has been a lot of inventory [and] a lot of new projects launched, certainly in the South Florida market,” Miami Developer Kevin Maloney of PMG told CNBC. “We are seeing a little bit of softening. Our deposit structure has changed a bit and softened. And, you know, interest rates are certainly not helpful so we are seeing softening in the marketplace.
“Unlike the single-family home market – where inventory is at an all-time low and people really can’t be selling with those low mortgages and people can’t afford to be really buying – where you are going to see strong demand.
“In the luxury highrise condominium space, we are seeing a bit of softening, yes…Yes, it is usually, it is really urban infill, highrise, luxury condo space.”
Condo Market Inventory Tracker
A Snapshot Of Coconut Grove
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 19 | 9.5 |
| Luxury Condos | 16 | 10.1 |
| Shortsales | 0 | 0.0 |
| REOs | 0 | 0.0 |
| Rentals | 14 | 2.6 |
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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