Out of 10 areas all very close by in Miami, 5 out of 10 of these areas in which multi-story condos are being built, still have tons of condos for sale, many of which were completed last year. The other 5 areas are due to be completed this year and one next year.
Can you say housing bubble 2.0? Just take a look at zillow and also while you're there, look at the blue dots (they mean foreclosure/auction). Zoom in as well and watch even more pop out. This is the beginning of the end of the housing market and this time prices will get crushed far worse than the aftermath of 2008 which was around 2011-2012.