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.
Condo king Jorge Perez said on national television recently that he would be collecting 100% deposits on new condos he is building in South Florida.
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.
While South Florida’s economy as a whole is recovering, the housing market is doing the opposite.
When longtime realtor Hazel Goldman listed a two bedroom South Miami house recently she was surprised to see what happened just six days later. It was sold.