The Real Deal Miami

New condos strain flooded market

March 25, 2008 02:22PM

Condo markets across the country are being hit by an oversupply, as developers complete projects begun during the building boom. In Miami and Fort Lauderdale, nearly 10,000 new units are about to hit the already flooded market. Developers who chose to complete already-funded projects rather than shelve them are facing extremely low demand, such as in the new 118-unit Onyx on the Bay in Miami, which has only closed on 57 units since its opening in August.