Oversupply drives down condo prices

An estimated 25,000 condos are on the market in Miami-Dade County, according to the Multiple Listing Service, and 12,000 to 15,000 are expected to come online in the next 18 to 24 months. With a rate of about 10,000 condos sold per year, the oversupply has brought prices down as much as 40 percent in some areas. New condo developments in Miami that started going up after recent hurricanes show a higher price per square foot due to increased construction costs.