Downtown Miami’s Building Boom Slows Down

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October 15, 2015

Luxury condo sales in Miami have slowed down as the dollar grows stronger, Miami Herald reports.

The main drivers of the boom, wealthy Latin American and European buyers, have been hurt by the plummeting value of their currencies.

“Think of it this way: People were quoted the price of a dollar for a pen. They thought they were paying a dollar. But then with the currency adjustment, they’re now paying $2. If you’re offered the pen for $1, it’s hard to come back and pay $2 for that same pen,” Alicia Cervera, managing partner at the brokerage Cervera Real Estate, told Miami Herald.

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