Does the concept "irrational exuberance" (and its ugly consequence, overbuilding) fit the Miami multifamily market of the mid-2010s like it did during the mid-2000s? Verzasca Group managing director Tim Lobanov argues that it doesn't.

1. Developers Are More Cautious

Market fundamentals are working against exuberance. Developers are starting to approach new deals with caution, and that's directly related to the continued increases in land prices, Tim explains. That, and an increase in construction costs and a slower pre-sale absorption.

2. International Deals Are Slowing Down (But Not Stopping)

Another reason, as the Miami Downtown Development Authority’s Q2 2015 report details, is an apparent decline in sales to international buyers due to a strong dollar. "I don’t think that will result in a downward spiral in Miami’s real estate market, but it's going to help level out the market in terms of its sales rate," Tim says. His company is currently developing two residential projects in Bay Harbor Islands, Le Jardin and Pearl House (pictured).

3. There's a Better Spectrum of Pricing Now

Finally, though the area's famed for its high-priced condos, the high-end luxe market has been contracting across Miami as buyers increasingly don’t see the point in paying exorbitant prices. "We as developers feel the growing demand in Miami for luxury amenities and beachfront features, but we're providing it at a more affordable cost,” Tim says.