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Clogged Miami condo pipeline creates shadow market

From the South Florida Web site: A surge of condo developments in Miami promised to light up the city's skyline. But thousands of condos are sitting dark -- and casting a shadow. Indeed, a massive shadow market has emerged around the approximately 38,000 new condos that have either been completed or are currently being finished in Miami-Dade County. A shadow market, what could be called a secondary market born of grim necessity, is made up of condos and single-family homes that developers and investors intended to sell but have been forced to rent instead. The county's multiple listing service shows 25,116 condos for sale here, offering plenty of potential inventory. With so much inventory and so few takers, the market now features bargain sale prices on foreclosed properties for buyers who can successfully navigate the battered credit markets. But the shadow market could cause more buildings to light up at night. more