All Eyes on the Miami Real Estate Condo Market

The ever rising situation out there are getting a bigger and bigger attention from the media, as we all know the market of real estate in Miami has dipped significant number that we all have to be aware on it as well. There are reports about the sharp drop that have lured bargain hunters from around the world, but experts warn prices could drop even further. Miami has a new vice: bottom-fishing for condo bargains. Yes, I think that there is really some potential on this. As I’ve learned there are a lot of things to consider and one of them is this growing trend.

<p>Reports around the market have instructed us to see that home buyers from around the U.S. and abroad are descending on Florida to buy condominiums that have suffered sharp price drops amid the housing glut, sub-prime-mortgage crisis and credit crunch. Some are searching for investment properties, confident that home prices eventually will rebound. Others are hunting for vacation or retirement homes. Yet pitfalls abound, and experts warn that prices could dip even further. It is obvious and I think the majority of the belief in the nation is there will be continuous drop in prices as we move further.</p>
<p>For example, in hard-hit Miami-Dade County, condos originally costing as much as $1.4 million at the peak of the market now sell in some cases for $840,000, a 40% drop. Farther north, a coming auction at Solaire at the Plaza, a new condo tower in downtown Orlando, has set a minimum selling price of $170,000 on 24 one-bedroom units once priced as high as $296,000. The prices are getting cooler and that is luring some more potential home buyers and investors to the area. It is very much known and it&rsquo;s growing every time.</p>
<p>Throughout the year, especially in the first quarter of this year, such price drops have people like Bruce and Suzanne Bowen of San Juan, Puerto Rico, and stalking deals. The Bowens have visited Miami three times since November to scout for properties, and recently bought a two-bedroom, 1,200-square-foot unit on a high floor with water views in Miami’s fashionable Brickell district. The Bowens made their move after prices in the building fell to $290 a square foot from nearly $400 in September. Now, the couple is looking for a second condo. It is such a normal thing considering the high possibility of this trend to be in the market for quite a few more months.

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