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Stormy weather for developers
Miami condo’s supply are growing in numbers. In the year 2017 alone, 14 condo projects were delivered which includes high-profile projects such as Four Seasons Residences at The Surf Club, Louver House, Echo Brickell, Biscayne Beach, Brickell Heights and many more. Some of these projects were sold 100% before the completion date and some sold poorly.
For example, Biltmore Parc sold only 34% of their inventory while Four Season Residences at The Surf Club sold 49%. These developers are still looking for buyers past the project delivery and now, they are competing with their own buyers. In one instance, a buyer who bought two units during the Four Seasons pre-construction sold their unit at a 2 million loss and marketed the units below the developer’s price. The developers were not able to match the price.
This is a growing concern for developers as more projects are expected to be delivered in 2018. They are using a new strategy with discussion behind closed doors with investors. The plan is to sell the remaining inventory with bulk price. If it does not work out, developers will have to resort to the last strategy: renting out the place.
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