Buy

Inventory is depleting in Miami.

During the recession, Miami has been hit by thousands of left-over condos from the boom years. However, the recent sale of many vacant apartments in Miami is an important step in the city's housing recovery: The condo glut is coming to an end by being slowly absorbed by investors. For example in November 2012, the Icon Brickell project has fewer than 6 units left of its 1,800.

Some real-estate investors such as Ronald Krongold are giving a certain regain to the market. His group purchased 539 units in three buildings that were part of project called Midtown Miami, near the Design District. Mr. Krongold plans to rent the units for several years before finally selling them. Even if the purchase price was not disclosed, Mr. Krongold's group admits that deals aren't as interesting as they used to be. This reflects the improving health of the condo market.

While the housing market is still weak in most other parts of the country, the rebound in Miami reflects the high demand of units from foreigners. Forty different countries are represented in Florida's most cosmopolitan city. According to real estate analysts, average condominium prices are on their way back to Miami’s golden age.

Related Articles

Getting in on the Ground Floor: Preconstruction Condos

Because developers need financing to satisfy their lenders they are willing to offer buyers a chance to

Related Articles

How to compete in the rental market?

The real-estate market is always moving. If you want to keep going at the same pace, you need to adapt your strategy. In this article, we talk about who Miami real-estate developers are now changing their methods to adapt to a modern world not willing to make long-term compromises. Condo owners are suffering from an incredible amount of supply nowadays that has forced them to decrease their prices. There are competitors everywhere. Conventional apartments and even some conventional condos won't survive if they continue pitching the same client. That is why new buildings had been targeting short-term rentals in a never seen way.

Related Articles

Real Estate market is great if you are wealthy !

There seem to be two different real estate markets. One for the rich and wealthy and one for everyone else.

Related Articles

Tax benefit of condo ownership

Condoideas can help you understand the tax benefits of home ownership