Miami Preconstruction Condo Investors Take Hits as Sales Slow

Inventory is on the way up and sales look to be slowing as the end of the cycle nears leaving some preconstruction condo investors taking losses on their investments. In a report by StatFunding, they state that the inventory of unsold developer units is increasing while sales have slowed over the past 3 months. 10,000 new units are still under construction and stand to be delivered. In Icon Bay alone, StatFunding found that investors have lost between 8% and 28% and there are 68 of 299 units for sale. Prices in the overall Miami condo market in the same timeframe have pulled back slightly, but remain remarkably stable amid rising Miami and Florida populations and low foreclosure rates.