Miami Beach's condo market, and Miami in general for that matter, is not looking so good. That may depend on who you ask, but strictly from a numbers standpoint supply is beginning to outstript demand. I realize some may lead you to believe that sale prices are still the same. In fact, most are still going up. But remember, a lot of them have not closed yet. Closed prices tell the real tale here.
Sales are down over 20% and that is a big number. The luxury condo market is taking a big hit too. But, hey, a monkey could have foreseen this. How many people out there can afford to pay over a million bucks for a closet? Let's face it, Miami and Miami Beach, which are two different cities by the way, cannot sustain this kind of pricing forever and foreign buyers won't keep coming forever to pay these ridiculous prices. Where are the Americans? Oh yeah, they can't get a mortgage. Sums up the American buyer in one sentence.
Read up on the whole enchilada right here for a better picture of the numbers before buying your next condo, especially if it's new. Buyers might want to look at resales a little more closely because these guys cannot compete with the new construction so they are lowering prices.