Peter Zalewski: Miami Beach is overheating

According to the Condo Vultures principal the Miami Beach real estate is overheating. Peter Zalewski recently declared that the real estate in Miami Beach is getting prices that are higher than the 2006 cycle.

Despite the resale in properties, the prices are still going up. Around 600 condo units that were constructed on the real estate boom are left unsold, though. Even with these figures 17 new towers are still proposed to be constructed on the area. This is around 1,100 condo units and prices are more than $3000 per square foot. The rentals are increasing since more tenants are choosing the newer units in the mainland Miami.

The observers of the industry are predicting a healthy residential market with about 6 months of inventory which leaves Miami Beach with 190 days of condo resale and 9 months left for single-family homes resale.

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