CONDOS IN MIAMI VERSUS SOUTH BEACH

Having just returned from a short trip to Miami, it is interesting to look at how real estate and particularly condos are faring. Everyone knows about the oversupply in Miami. Cranes are still everywhere, there are lots of supposed bargains to be found, and condos can be purchased from $300 per sq.ft. The U.S. real estate market with all its horror stories can be found in Miami.
Now take a drive across the causeway to Miami Beach and South Beach in particular. There, existing buildings are being protected and are being renovated in the Art Deco motif. There are very few new condo buildings that have been built. These new condos sell at $600 per sq.ft. and go up to a $1,000! Reno’d condo units are also selling for $600+.
What does that tell you? Just look at some of my earlier Blogs. Real Estate is not a national market; it is not even a regional one. It is local! In areas that have not been overbuilt and sold out to investors – flippers, the market is stable.
Unfortunately, bad news and disasters with people losing their homes makes page one of the newspapers. A normal or steady real estate market is not newsworthy. You need to search out the statistics yourself.

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