As 2018 concluded, industry leaders anticipated continued downward pressure on luxury condo pricing. Developer and Keyes Company founder Mike Pappas observed that there is a 15-month supply of properties that have aspirational pricing with some submarkets experiencing significantly higher inventory levels.
The oversupply reflected substantial unit deliveries in 2017-2018, with brokers predicting this trend would extend through 2019. Economic headwinds—including weak Latin American currencies and stock market volatility—were expected to further dampen sales activity in South Florida’s luxury residential sector.
