Why are the condo prices soaring in Miami?

The number of condo units in Miami has increased more than fivefold since 2010.

But the city’s housing market is still struggling with rising housing costs and a shortage of rental apartments. 

According to data from the Miami-Dade County real estate board, the number of homes for rent has increased by nearly 70 percent since 2010, but the number for rent per square foot of market has decreased by just over 4 percent. 

The number of units in the city is up 2.5 percent since the start of the year, and the number in the condominium market has more than doubled since then. 

And the number that are available for rent is up more than 10 percent since 2012. 

It’s the fastest pace of increase in the region’s condo market in years. 

But there are signs that condo buyers aren’t rushing to buy and are also waiting longer to do so. 

While the market has been hot for months, the numbers have only been rising. 

“There are a lot of condos on the market and there are a few out there that are not selling,” said Chris McElroy, an agent with the real estate brokerage Jones Lang LaSalle. 

He said some condominium owners have been waiting to sell until they can see the market improve. 

 “We’re seeing a lot more condos than people expected, and a lot less people are actually selling,” McElray said. 

McElroy said that while many of the condos are being bought by investors, others are being sold by condo brokers. 

This has led to a lot people buying condos at inflated prices. 

In the last month, the median condo price in the area has increased from $1.65 million to $1,975,000.

But the number is still well below the $2.5 million price tag for a typical condominium. 

Mariana Carreras, a broker at the condo company The Condo Exchange, said she sees that as a sign that condo prices are starting to catch up with the supply. 

A lot of people are just looking for the best deal, she said.

“They’re just buying it because they think it’s the best price, or they think there’s a great value,” she said, adding that she sees many of these buyers as being younger than 35 and older than 50. 

As a result, condos are going for a higher price in places like Miami Beach and downtown, which is helping to keep condo prices down, she added. 

Meanwhile, some investors are starting their own condominium development, such as an underwater development in Miami. 

However, experts are concerned about how the industry is going to continue to expand and sustain its popularity as the number and size of units continues to grow. 

At the same time, condos may not be the best way to invest, since they’re not taxed at a very high rate and are not subject to the federal capital gains tax, experts say. 

So what’s next? 

In Miami, some condos are now available for purchase, but many are not. 

There are also several condo brokers who are trying to increase the supply, but are also finding that it’s not working out, said Sarah Kornelius, an associate professor of real estate at the University of Miami.

“It’s very difficult to get people to invest in condos because of the high taxes and regulations, so it’s a tough environment to do it,” Kornelsius said.