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.
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