Businessweek Magazine story
this week tells of the turnaround in Miami Condos. At one time 20,000 condos were under
construction just as the recession hit.
Many got in big trouble. Today things seems to have turned around. Now,
a new one, called "23 Biscayne Bay" not quite finished, is sold out. “23 Biscayne
Bay” is not a very imaginative name.
The buyers these days seem to
mostly be from Latin America, and they see
prices here as a bargain and a hedge against troubled governments in their home
lands. Nothing new there, but what is
new is the fact that sales are surging.
At reduced prices.
New condos are under
construction and sales are strong, some new construction is very high end buildings. They expect Miami condos to be at full occupancy by the
end of the year, and it is only 8% unoccupied now. The article says 4,500
new condos are under construction in South Florida. Many buyers plan to rent their condos out –
and, apparently the rental market is strong and maybe rents are rising.
In an almost related story in
this morning’s Parade Magazine Enrique Iglesias (the singer) says that he has lived most of
his life in Miami. And I thought he and his dad were from Spain? Miami
is a safe haven, warm water, big airport, and gateway to the Southern
Hemisphere. Someday I guess Miami
will be the US Spanish Speaking Mini-State soon, if it isn’t already.
A website covering the Miami condo debacle for years
is called Condo Vultures, it still says
it has deals on condos and lower rents. http://condovultures.com/
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