(To read more on the multifamily market, click here.)
MIAMI-Although residential condominium prices have dipped in Miami-Dade County compared to a year ago, city officials confirm they have approved the construction of 29,558 new condo units and are reviewing another 30,674 units proposed by developers.
Currently, 22,254 condos are under construction. That's compared to a total 15,525 condos constructed since 1995, the Miami Planning Department confirms.
The surge in new condo construction plans comes as the Florida Association of Realtors reports the median price for condos in Miami-Dade county is now $250,000, a 4% drop from a year ago. Since January 2006, prices have dipped 3.5%. At the same time, condos in nearby Broward County are up 8% from October 2005 with the median price at $210,000.
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