Affluent Buyers Reviving Market for Miami Homes
By DAVID STREITFELD
July 26, 2011
"MIAMI — South Florida is the default capital of the country. Here in Miami-Dade County, one out of five households with mortgages is in foreclosure. Nearby Broward and Palm Beach counties are not far behind. Nearly 200,000 South Florida families are stuck in the mire of default.
Grant Stern was forced to downsize when his landlord sold his three-bedroom condo, but he pays more in rent for a two-bedroom. (Image courtesy of the NY Times)
And yet much of Miami is gripped by a housing mania as the oversupply of distressed homes dries up and foreigners and investors swoon. Only a few years after it seemed there were so many unwanted high-rise condominiums that the only solution was to tear some of them down, there are plans to build even more..."
http://www.nytimes.com/2011/07/27/business/affluent-buyers-reviving-market-for-miami-homes.html
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