Real Estate Market
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.
It’s great news for the lucky few who own a downtown Miami condo, and bad news for those looking to buy.
While most homeowners across South Florida have seen their property values drop by as much as half in the last couple of years, one Broward city has bucked the trend.
Foreclosures in January increased by just one percent from December numbers and were 17 percent less than in January 2010. It’s the latest signal that the real estate market may finally be stabilizing.