Many U.S. condo projects started during the real estate boom are coming to completion at a time that the condo market has softened.

Nationwide, the number of condos completed this year will be up 45 percent — 232,933 vs. 160,239 — from 2006, according to data tracked by Marcus & Millichap Real Estate Investment Services, a real estate investment brokerage.

But so far this year, condo sales have fallen 12 percent through August, Marcus & Millichap says. Trends in Las Vegas and Miami are worse, with sales off 46 percent and 29 percent respectively.

October 9, 2007 by
 
About The Author

John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

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