47 Year Condo Absorption Period Means Reduced Tax Assessments?

From the most recent City of Miami Large Scale Development Report, it appears that the approximate absorption of residential condos in the City of Miami over the past 12 years or so has been 15,525 units. At that rate, it would take 17.2 years to absorb the number of units currently under construction (22,254 units) and another 46.6 years to absorb the proposed and future units (60,232 units).

It appears that the near future will be a very interesting time; it may be loaded with buying opportunities.

If, indeed, the evident glut of condo units soon to hit the market results in an oversupply, sales prices may be exepected to fall, foreclosures proliferate--and fair market value andtproperty taxes assesments reduced accordingly.
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Daniel A. Weiss has over 26 years experience as a Florida property tax attorney. Daniel Weiss was named in the 2007 Annual Edition of the South Florida Legal Guide as one of the top lawyers in the practice area of Real Estate - Land Use, Zoning & Environmental.
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