SOUTH FLORIDA: Condo Inventories Boom
It's true in all markets—Boom, good. Bubble, bad. (We just saved you thousands on an MBA.) Miller Samuel prez Jonathan Miller tells us that increasing amounts of for-sale residential inventory in South Florida will help prevent the bubble no one wants, especially in coastal markets but also inland. “More product's being built, which is adding to inventory, but what's really pushing it is the fact that more people are willing and able to put their units on the market.” Douglas Elliman's Q2 South Florida condo reports, which Jonathan prepared, were released this week. Takeaways: listing inventories for Miami Beach and other barrier islands were up 34.3% in Q2 compared with a year ago; inland Miami inventories were up 34.5% compared with last year.