The Real Deal Miami

Ghost condo towers

June 22, 2009 10:25AM

The abundance of development during the condominium boom followed by
the credit crunch and a poor economy have left condo buyers lonely as
many units sit unsold. A Miami Downtown Development Authority-commissioned report about occupancy, released last week, showed that
one-third of the units in downtown and Midtown Miami are unsold. But
the report says the glut may soon be over. Not so fast, says Jack McCabe,
president of Deerfield Beach-based McCabe Research & Consulting. ”It could take up to five
to six years,” he said, “but many people will tell you the condo market will trail
close behind the single-family home market. And that market is still one to two years away from serious signs of
recovery.”