A convergence of forces has lifted Miami’s condo market from the abyss–namely foreign and domesic investors, a price correction, and shrinkage in supply. The New York Times’ David Streitfeld writes, “the balance between supply and demand in South Florida is shifting. In late 2008, as the financial crisis was peaking, there were 108,000 properties for sale and hardly any buyers. The region became a symbol of excess. Buyers abandoned their deposits and reneged on deals, buildings went bankrupt and squatters moved in. Now there are fewer than 48,000 properties for sale, Condo Vultures said. And with supply diminished, homes have value again.” Read more …
Learn more about markets featured in this article: Miami, FL.
