Inside Miami’s Troubled Condo Market
The overall housing market in Miami bounced back for a record year in 2014 – with the sales of single-family homes rising 7.7 percent in the fourth quarter from the same period in 2013.
But one area of the market that didn’t fare so well was the sale of condominiums, which fell 3.3 percent.
And, according to CNBC writer Diana Olick, what’s most troubling about the condo numbers is that there are more than 41,000 new Miami condo units either in the planning, approval and construction stages currently.
Image via flickr/Lisa Cyr