It was just a few years ago we were talking about Downtown Miami’s demise. Developers had overbuilt, the economy was tanking and more than 20,000 condos sat unsold. Today many of the condos still sit empty, but they are being sold at top dollar. The bizarre ups and downs of downtown real estate market are odd to say the least. What has happened around it is even stranger.
Those who may want to live the ‘luxury condo’ lifestyle in Ft. Lauderdale will quickly learn that it may not be as easy to actually own one.
Downtown Miami is enjoying a renaissance of sorts in the real estate market as condo sales boom after completely crashing in 2009. Now, cash is required and getting your hands on a stylish condo is getting tougher.
Despite a lagging economy, South Florida’s housing market continues to improve. The median price for an existing single-family home in Miami-Dade rose 5.8 percent to $185,000 in October from a year earlier.
It’s great news for the lucky few who own a downtown Miami condo, and bad news for those looking to buy.
The home market has been the foundation of the Great Recession in South Florida for years. While sales of homes and condos may be increasing, the chances of the average Joe getting some of these great deals remains slim.
As the decade comes to a close South Florida knows more about real estate and Wall Street than ever before. Most describe the real estate decade with harsh terms.
Residents who were evacuated after the canal in their backyard swallowed the rear of their property in Sunrise are meeting with city officials Tuesday evening for more answers.