DaCounselor: A friend of mine does a lot of work in South America and travels to Miami frequently as a result. He has been doing this since 2004, so he has seen the upswing and subsequent plummet of the Miami condo market.
In particular, the units along Biscayne are getting savaged as far as sales and reduced pricing go. He also mentioned that several of the highly touted condo high rises have shuttered operations without even breaking ground.
The incentive packages being offered are also getting more and more grandiose in the (apparently) forlorn hopes of enticing buyers.
I don’t think the downtown SD condo market is going to get this bad, but it sounds as though there is a huge amount of inventory getting ready to hit the market over the next 2.5 years and that should have a significant impact on pricing.
