When I was out in Miami a few months ago for Affiliate Summit East, I couldn’t help but notice the MANY large skyscraper condo buildings being erected all over the place. I didn’t know much about the Miami real estate market, but I was thinking “crap, this is totally crazy!”. From our hotel in Miami, you could literally see about 6-7 huge cranes and what looked like 10 brand new condo buildings being built - and that was just in the immediate area near the Intercontinental Hotel!
So…when I came across this story today, it really explained what the heck is going on down there. I knew that condos were booming down in Miami - but according to that article, there are a whopping 25,000 new condos coming up for sale - on top of the already 23,000 condos for sale! That is just totally nuts!
Just how many other speculators face the same dilemma in the nation’s most glutted condo market will become clear during the next two years. That is when 25,000 new condo units, most of them rising in or near Miami’s downtown, will flood an area already saturated with 23,000 condos listed for sale. An additional 40,000 units have been approved, but analysts doubt the majority will break ground.
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1 response so far ↓
1 Jeremy Osborne // Aug 31, 2007 at 1:56 pm
Everyone wants to be like Sacramento….
I’m glad you guys all had fun in Tahoe. I thought of you all while I huddled over my computer and caffeine drip.
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