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Title Miami Market Cools as Foreign Buyers Flee, Condos Keep Coming

Welcome back to Property Lines, a column by veteran real estate reporter Alexei Barrionuevo. Each week on Tuesday, Barrionuevo will report on housing trends, real estate deals, and major business moves right here on Curbed.

An aerial view of Miami Beach and South Beach, where the condo market is showing signs of stagnation. Photo by Chris Condon / Getty Images.

There was a time, only two years ago, when Miami's condo market seemed like an ever-expanding balloon. South Florida was the nation's biggest real estate comeback story. Miami became a go-to destination for luxury buyers looking to add to their property portfolios.

But like most things filled with hot air, eventually the balloon starts its gradual descent back to earth.

For those who have been waiting for the drop, 2016 may well be the year when softening demand—fueled by stock market volatility in China, low oil prices, currency devaluations in South America, and a heck of a lot of new condo units coming on the market—becomes too much to overcome.

As 2016 begins, signs of a slowdown abound. While prices continue to rise for single-family houses, fewer are selling. The market for condos, which many consider a health indicator of vacationer-heavy Miami Beach, is also showing early signs of stagnation.

How did this happen? Blame the foreigners. >>