Will Miami Have A Luxury Condo Problem In 2024?

  • 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.”

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