Condo developers to pull back after years of sky-high appreciationWith a large number of luxury condos remaining available paired with low sales, it can be expected to see many projects be cancelled in the 2018 year. However, this may prove beneficial to buyers as some sites may start reducing their prices. Mike Pappas, along with several other Miami real estate figures speak to The Real Deal about what to expect in the coming 2018 year.
“In the luxury market, they set prices too high.”
- Mike Pappas, Keyes Company CEO & President
Mike Pappas, president of the Keyes Company, said the double-digit appreciation new condos experienced between 2013 and 2015 created a false perception about what those same units could sell for in 2016 and 2017. “Over the last two years, we have seen that greater appreciation coming back to down to reality,” he said.
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