Miami is one of the few cities in the U.S. with ‘meaningful’ condominium construction activity, an analyst told National Real Estate Investor.
Census data shows that while national multifamily starts returned to normal last year with 356,000 units beginning work, most of those were rentals. Condo activity remained unusually weak.
Just 28,000 of units that broke ground were for-sale units in 2014, according to the census data. Although that is double the number that started in 2010, it is still far below normal.
Typically, about 20 percent of multifamily units nationally are for-sale units, with an average of 60,000 per year between 1992 and 2002.
Statistics on condo starts in the Miami area in 2014 were not broken down.