We're starting to see isolated headlines about some high end condo sales in Miami, but you must still read between the lines. And even more important, you need to read what is not even being talked about.
NBA Star Buys $5.5M Condo - That was a headline two weeks ago. Amar Stoudemire of the Phoenix Suns bought a penthouse in the W South Beach. What you are not hearing about, are the athletes and celebrities that are selling their units at losses. This market is by no means bouncing back.
The hype is there, and now we have our very own Reality TV show about Miami and the spoiled, obnoxious, arrogant rich kids that make this their play ground. But that is not enough to fill the tens of thousands of empty condo units throughout South Florida.
Even the Stoudemire purchase needs some tea leaf reading. The W South Beach is not in the kind of trouble that hundreds of other South Florida condo projects are in. For many condo projects, you cannot even obtain financing, because so many of the units are empty, in default and/or delinquent in paying dues and fees.
My advice is to look, but don't touch in many of these condo towers. If you have done your homework, then you can think about buying, but make sure you have determined how many units are vacant, how many are delinquent, and what kind of trouble the condo association might be in.
Looking for a home or condo in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website http://www.floridahomes.pro/
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Tuesday, August 18, 2009
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