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.