Real estate lawyers hate to discuss negative trends. The thinking, not altogether unfounded, is that talking about a downturn becomes a self-fulfilling prophecy.

So let's get one thing straight: No one is saying South Florida real estate deals are drying up—at least not in so many words.

That said, there's been an undeniable chill in the air since The Related Group, South Florida's largest condo developer, shelved a luxury condo project in April. The group's decision to pull out of the proposed 298-unit Auberge Residences & Spa Miami signaled an oversupply of luxe condominiums—the backbone of the region's housing market—and raises questions about the sector's ability to absorb the billions of dollars' worth of inventory major investors introduced in the last two years.