Huge oversupply of Miami condos may lead to lower prices, EWM says. The residential brokerage held its 2017 Real Estate Market Outlook Conference on Wednesday at the Downtown Miami Hilton. EWM presented a report on the market in Miami-Dade and Broward Counties, plus an outlook on the economy and transportation. The report said the most compelling factor for the luxury sales decline was the exchange rate of the U.S. dollar that reduced the buying power for people from countries such as Brazil, Argentina, Russia and Venezuela. Once Brazil and the global economy recovers, that should greatly benefit South Florida real estate, especially in Miami-Dade, said J. Antonio Villamil, Principal of The Washington Economics Group. He expects Brazil’s economy to pick up in late 2017 and 2018, but BREXIT could bog down Europe this year. Read Tony’s views
