According to Condovultures.com, only 16% of the 22,231 condo units built in Greater Downtown Miami during the latest boom are still available for sale. If you continue to wait for prices to drop further, you will probably find you missed the boat. That doesn’t mean prices are going to appreciated rapidly, or at all, in the next year or two. We still have short sales, older construction, and regular owner foreclosures (vs developer foreclosures) to work our way through.