Quote:
Originally Posted by Martinman
Because the two cities have nothing in common as it relates to the condo market. Downtown Miami alone has 6,000 condos under construction. Atlanta hasn't added one thousand condos to the market in recent years let alone the tens of thousands that are in the pipeline in the Miami area.
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Correct Martinman - In 2016 alone Miami had 54 condo buildings under construction. Miami real estate is driven by and large by foreign investment from both buyers and developers and are subject to the ebbs and flows of the currency markets which as been very irrational as of late. Also and most importantly, international anti-money laundering and fraud laws are cracking down on foreign inventors ability to hide money in US real estate assets (this is probably the main issue in Miami now).
Additionally, Atlanta has added more jobs and residents on a year-over-year basis compared to Miami so one would think we should have or will have the capacity to absorb more condos in our market.