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.
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Inventory is depleting in Miami.
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