Condo prices, rents flattening in downtown Miami: DDA report

 

Downtown Miami condo prices and rental rates are leveling out after two years of rapid appreciation, offering another sign of change afoot in the market as supply and demand shift, a new report obtained by The Real Deal  reveals.

The Miami Downtown Development Authority’s Q2 2015 Residential Real Estate Market Update, written by Integra Realty Resources, shows a continuing trend toward a correction in the market, amid the ramifications of foreign currencies sliding against the dollar. “IRR-Miami’s research suggests that the residential downtown development market cycle is firmly in the middle of the cycle,” the report said. Average condo unit pricing has leveled off at $430 per square foot, following 22 percent and 16 percent annual increases in 2014 and 2013, respectively.

Read the entire article at The Real Deal.