It's so in-demand, so much in demand they decided to overbuilt despite the obvious fact that the Miami's housing market is in the middle of a bust. In nearly more than over 30 years Miami is suffering the biggest Condominium glut in history, yet they keep on building like they're just cooking pancakes. It is obvious and it's in everyone's list. While it is painful for my eyes to read that Miami is taking the #1 on everybody's worst list, still I have to keep my head up and be positive. But how can I be positive if I am seeing 15.2% drop on its market, statistically, I want to dissect this in a more practical way but I simply can't its obvious and experts are blaming it on the condos.

Yes, for years now Condos have been determined as cash-cow and businessmen and entrepreneurs alike are following the trend, some realtors switch from home building to condos, high risers that are seen from miles away. Luxury over practicality as they say but it seems to be too much now, back then it was still considerably good, California hits the market, New York joins the trend and now Florida enters the scene, now past forward to present time, we are having a condo glut. Condo here condo there, hell, it becomes hard for home builders to find a place to build homes. Trend is a trend and when it hits it pours like rain, when it hits, it hits hard as hurricane and now the market is suffering that many experts are scratching their heads, dumbfounded on how the hell that happens.

With the oversupply of it there will be as much as 30 percent drop that the market will suffer, it is the most decline since, I don't know, say 1970s! This may very well push the Sunshine state's economy into recession as early as October and it is according to West Chester, Pennsylvania-based Moody's Economy.com chief economist Mark Zandi and that came form a man who owns a home in Florida (Vero Beach). 30 percent is a big number considering that from the last 3 years we have been fighting for dear life to hold on to the real estate market.

According to Florida Association of Realtors, there are 37 new high-rise condos which have over 20,000 new units are being built and that is in the Miami's 1,040-acre downtown which apparently sales have dipped almost 50 percent in May, now beat that confidence. There are approximately 22,924 existing condo units in the Miami-Dade County and they will be joined by the 20,000 mentioned, something tells me it is something of an overbuilt issue, don't you think? And those 22,924 units are still for sale, chief executive officer of McCabe Research and Consulting LLC which is based in Deerfield, FL, Jack McCabe says that the figure was the most unsold units since he started tracking sales back in 2002. Overall if this continues we are looking to a larger bust in Florida history in about a century. So my plea is we need to start thinking about what will this benefit us as a whole rather than looking at it on the "Business" side of it.

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