It’s no secret that foreigners are flocking to the safety and security of the U.S. residential market, but one city in particular is garnering a lot of attention: Miami.
The southeastern Florida city is currently going through a condo construction boom fueled by buyers coming from Europe, Latin America and Asia. While the interest helped the market in the years following the Great Recession, now some experts worry a bubble is forming that could price out local buyers.
In downtown Miami, 90% of sales were international, according to the Miami Downtown Development Authority (Miami DDA). According to the Miami Association of Realtors, June existing condo sales were down 3.8% from last year. Analysts say with all the new construction, rents could fall and that could lead to the unraveling of yet another bubble in South Florida real estate.
Cheryl Casone joined FOX Business Network (FBN) in September 2007 as an anchor. She also serves as a financial contributor on FOX News Channel (FNC), and provides weekly job reports. Click here for more information on Cheryl Casone.