Miami shudders under condo glut with 16-month supply

  • South Florida is overflowing with condos on the market, creating a real estate imbalance.

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If there is another real estate implosion lurking down the road -- and we’re not saying there is -- the epicenter is likely to be in South Florida. According to the latest tally from Condo Vulture Realty, developers have announced and are continuing to move forward with plans for more than 34,090 condo units in just the area east of Interstate 95 in Miami-Dade County. That doesn’t count units west of I-95 or those in Broward and Palm Beach Counties to the north. Based on 860 condo sales in the first quarter of the year in Miami-Dade, Condo Vultures figures there’s a 16-month supply of units available for purchase at a time the winter buying season is coming to an end. A balanced market, says broker Peter Zalewski, is six months’ supply. The brokerage’s numbers don’t quite add up. But it counts 428 towers that have been announced or started. Some 127 have been proposed, 80 more are planned and 177 are in pre-sales. Despite repeated attempts, broker Zalewski co...