MIAMI—There's plenty of talk about the nearly 175 condo projects planned for South Florida. Nearly 24,000 condos are now being marketed for sale—mostly to foreign buyers. This scenario begs the question: What would happen if buyers from Brazil, Argentina and Venezuela, among other countries, begin to withdraw from our condo market in response to their country's deteriorating economies?
Thomas R. Lehman, founding partner of Miami-based Levine Kellogg Lehman Schneider + Grossman, tells GlobeSt.com he can almost predict what would happen if the construction boom and the oversupply of condos end up in a new market correction. We caught up with Lehman to get his insights in part one of this exclusive two-part interview.
GlobeSt.com There are about 24,000 condos in the pre-sale stage in South Florida, and pre-construction prices keep going up. Are we going to see a market correction and what could cause that?
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