A Boomlet For Miami's Struggling Condo Market?
The Miami Herald says that all those condo price cuts are finally starting to pay off. According to a recent article Miami, Florida is experiencing a bit of a mini boom now that prices are really low. Desperate developers are willing to make deals just to get the units off their books. Investors and home buyers are swooping in hoping that a bottom has been reached.
But has it? Miami still has a huge oversupply of condos as a result of a building frenzy and there could still be many more condo units facing foreclosure. The good news for buyers its that this means deals will be available for a long time. Some of the Miami Herald commenters to the article didn't seem certain that the prices are as low as they will eventually go and seemed skeptical of any reports of condo sell-offs.In fact they pointed to a Time magazine article about the exodus of people from Florida due to high property taxes.