Miami Still The Best Spot For Condo Market Despite The Bust

What makes Miami's real estate still an attractive place for investors? Well there are a lot of factors to consider first and foremost, but still Miami will always be Miami and the popularity of the place will never fade, ever. South Florida's condo market has taken the hardest hit, when it comes to condo market uprising. Steve Reibel, senior vice-president at the Keyes Company, says there are 25,000 condos in the marketplace now and another 20,000 units coming out of the ground. A recent report from the Florida Association of Realtors shows that condo prices fell 30 per cent from a year earlier in Fort Lauderdale and West Palm Beach-Boca Raton. Well if you aren't moved by those numbers right now I'll tell you those numbers are ridiculous. But I hope developers have some mighty plans for it, because it is sad to see those units go wasted away because of the market's status.

In Miami, condo prices dropped only 11 per cent but sales are down a whopping 47 per cent. Certainly that alone will give you an idea on how bad the market has been for Sunny Miami. To get rid of this glut of condos, developers are enticing buyers with incentives like cars and free maintenance fees for a year. Or they're slashing prices, encouraging foreign purchasers to sign on the dotted line. Buyers, who lives in different parts of the world can then pay cash for a condo in the succeeding months in places such as Hollywood, located between Fort Lauderdale and Miami, which serves as a winter haven for many foreigners. Giving the details there will be more similar situations like the latter simply because foreign buyers knows a lot and they are wise on picking seasons when to buy their homes.

According to some experts, the best deals, of course, come at the expense of owners who cannot afford to hold onto properties until the market picks up. There are thousands of short sales, where banks allow properties to be sold for less than the mortgage value, and foreclosures were up 212 per cent from 2006 to 2007, with Broward County leading the way. Then there is the growing number of auctions, with many properties being sold without minimum bids. Keyes formed an alliance with a real estate auction firm in February to hasten the sales of languishing properties. It is something that buyers can take advantage to and make it leverage for their buy. It is not an unusual site simply because it is part of the vicious cycle in the biz.

Although the trend is a short following there are signs that the fire sale may be winding down. Single-family home sales in Miami-Dade were up slightly in March compared to February, and experts says Keyes is seeing listing inventory plateau, with prices and sales volume starting to grow. But buyers aren't worrying about real estate prices anymore. They are enjoying the southern climate in their courtyards, under palm trees swaying in the breeze. Because they know that Miami is always a place to be when it comes to condo real estate.

holster Class Action Onlines chools