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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

Hot market: High-end condos in Miami. Florida led the US for foreign buyers in the first quarter, attracting 23% of US$92.2 billion of nationwide sales, - PHOTO: BLOOMBERG

[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