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Sunday, February 8, 2009

Thinking about Buying Miami Condos

By A. Kim

For todays lifestyle condominiums are perfect living options for singles and families. Condominiums are where individual get title to the units they occupy but the building and all of the maintenance is done as community, where they share the cost of up keeping the property.

Miami is one of the hottest vacation spots in the United States, with its sunny weather and beaches, it is visited by people all over the world. In last few years, there has been a booming real estate market for Miami condos, but with recent housing crisis, many condo vulture investors have gobbled up distressed properties.

In the last few years, Miami Florida has seen many condo constructions in metropolitan Miami area. These have been bought buy investors who seen the prices appreciate sky high in the past few years. But many have unloaded these in recent months as the market for condos have diminished and the prices have been falling.

Now with many of these condos falling over 50 percent from the highs of mid 2000's, since the prices were appreciating at higher levels in Miami than rest of the country. The prices have fallen faster and harder than rest of the country. The prices are about $100 to $200 per square feet, from highs of $400 to $800 per square feet in its heydays.

With so much demand in the past, many of the apartment buildings have been converted to condos, causing a glut of supply in the market. Many developers helped the apartment owners to make money by converting and selling the condos, profit in the short run. The prices depend on the location and the amenities offered by the condos.

The hottest location is Miami Beach and South Beach, where prices have seen over 25 percent appreciation from early 2000's to mid 2000's. Many are coming back as they see the market hitting the bottom.

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