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Bathing Suits

Since the 1970s, luxury condominium developments have rocketed to stratospheric heights, only to be followed by busts that leave buildings with what…

By Anthony J. LoPinto | anthonylopinto | | Updated on April 19, 2016
Anthony LoPinto Anthony LoPinto
Since the 1970s, luxury condominium developments have rocketed to stratospheric heights, only to be followed by busts that leave buildings with what are referred to as “see-though” apartments. Well, Miami is yet again heading toward a glut of see-throughs. Between 2004 and 2008, 21,000 units were delivered in Miami, with thousands of them sitting empty for years. Foreign buyers bailed out the last crop of condos, but this time around a strong US dollar, weakening local currencies, dropping oil prices and global economic turbulence has evaporated the buying muscle of foreign buyers. For this reason developers are halting projects to hopefully avoid a bloodbath. Alas, this situation is also worrying other markets such as New York, Southern California and San Francisco, where luxury condos have flooded the markets at galactic prices. Put on your seatbelts and pack your bathing suit because there will be some bargains out there over the next couple of years in sunny Miami.

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