Foreign buyers fuel concern in Miami luxury condo boom

[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$92.2 billion of nationwide sales, according to the National Association of Realtors.