Luxury real estate inventory in Miami has been dwindling down, due to a condo buying frenzy. Developers have been proposing one new waterfront condo tower project after another, hoping to replenish the market supply and appease luxury real estate buyers.

The latest condo tower project to hit Miami is Marina Palms Club & Residences. Two luxury waterfront condominium towers will include 468 residences, a marina and yacht club, with one million square feet of residential space.

Over the past year many waterfront condos have been purchased by foreigners.

Marina Palms Club & Residences