"Over the past several months, a new wave of investors and home buyers -- almost reminiscent of the market's heyday -- has been pouring into Miami's downtown condo market and snatching up half-priced condos. Several Brickell area buildings, in fact, have sold out or are close to it. At 1060 Brickell, Defortuna estimated that 80 percent of the buyers were from abroad and 98 percent had closed with cash. " http://www.miamiherald.com/251/story/1218563.html
I've always said the Miami crash would be a similar fractal to the 1989-1994 L.A. crash. IOW's, prices would break 40-50% and be soft for another couple or few years after the low was in. Yes some of these vultures won't make it-but by and large a tradable low is being formed. One of my best friends is looking 24/7 for a rock bottom SoFla condo (in a non-ghetto 'hood) and he's pretty dismayed. Even at -50% from the highs stuff isn't conventionally cheap. SoFla continues to benefit from the dollar's sluggishness. 200k isn't what it used to be.
Anyone know the address of this Miami condo complex ? Being the Only Miami Condo Occupier In A New 32 Story Building http://abcnews.go.com/video/playerIndex?id=8221407
Why does Bank of America not allow the developers in Miami to mark to market, when other lenders say ok to a short sale? Is more money in foreclosure than for Bank of America to take less in the loan? Or they are holding for the uptrend in price?
It ain't Miami, it's Fort Myers, the other side of the state: http://www.oasiscondominiums.com/ http://www.usatoday.com/money/economy/housing/2009-08-02-lonelycondo_N.htm
1) When foreign investors get excited about foreign real estate, be careful. 2) I smell some "money laundering" going on there.