In a recent in-depth report of the Miami pre-construction condo market, Andrew Stearns of Stat Funding sees an inflection point approaching if market trends continue as inventory soars, projecting a 540-percent increase in resale condo supply equating to "57 years of supply at current sell-through rates."
Stearns describes the number of units coming to market relative to sales velocity as "staggering." More than 11,100 units (over 37 projects) are in construction and to be completed in the next two years.
The ones most likely to reap the benefits are renters, Stearns says.
"Rents will likely tumble as preconstruction buyers unwilling to take losses on their condos flood the rental market with new units."
Check out the full report here.