The Real Deal Miami

Condo conversion bust

August 03, 2009 01:02PM

While the empty towers in downtown Miami are the poster children for the condo conversion bust, less fashionable areas such as Kendall, Hialeah and Lauderhill were also swept up in the boom. Developers bought tens of thousands of rental units and turned them into condos, many pitched as assets for resale. Since 2003, state records show more than 74,000 rental apartments were converted into condominiums in Miami-Dade and Broward counties, twice as many as the previous 50 years combined. Market watchers say these less fashionable properties will be the last segment of the excess inventory to recover. [Miami Herald] and [Miami Herald]