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Foreign buyers fuel concern in Miami luxury condo boom

Analysts cite investor glut, slowing sales, plans for thousands of new condo units

Published Wed, Jul 30, 2014 · 10:00 PM
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[MIAMI] As construction cranes crowd the coastline and developers strive to lure wealthy international buyers with brand-name towers and lavish amenities, there are signs that Miami's latest condo boom has begun to slow and a possible oversupply could temper record prices.

Since mid-2011, some 175 towers with more than 27,000 units have been proposed in Miami, says real estate analyst Peter Zalewski of CondoVultures.

Florida led the nation for foreign buyers in the quarter ending in March, attracting 23 per cent of US$92.…

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