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Residential Condo Glut to Worsen

Developers and owners of residential condominiums for sale in overbuilt markets would be wise to cut their losses and sell before a wave of construction adds another 100,000 units to the national inventory of this year, experts say. “People don’t realize that prices are going to be trailing the market down,” says Gene A. Berman, managing director of broker Marcus & Millichap’s Florida offices. “Smart lenders and smart owners are cleaning up the books [to sell] now because they know that in the next six months to a year, it’s not going to get better ...

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