In Miami, There Are Too Many Condos and Not Enough Foreign Buyers

Can buyers from high-tax states like California and New York rescue Miami's condo market?

After being kidnapped seven years ago, Juerg Degenmann decided to move his family from Venezuela to Miami for increased security. Long a playground for Venezuelan elites, the Florida city seemed like a natural choice, especially since Mr. Degenmann already owned a vacation home there, and he had bought and sold several investment properties in the area.

He and his wife paid $1.85 million in 2013 for a waterfront townhome in Sunny Isles Beach with its own boat dock. He’d always done well with Miami investment properties,...

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