Quote:
Originally Posted by simms3_redux
Are there any wealthy Latin Americans that haven't yet bought a condo in South FL/Miami? How much deeper is the market?
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The market is hot red at the moment. A lot of the sales in terms of condo units for example are actually domestic. International sales do account for many units, but a lot of the units are also from citizens native to the region. Miami is experiencing a condo boom in which international buyers jump on that wagon, but it is also experiencing a rental boom in the form of large scale developments. Also, on the Midrise level, there are several projects scattered. Overtime, all of these small time developments which number in the dozens add up several 1000 units. In terms of development, is better to look at it on the scale of South Florida. While Miami might be hot, so are the surrounding satellite cities and counties along the coast. They are all experiencing a residential boom. Some of these residents are also transplants from the Northeast.
The boom should continue for a while. I think its only getting started as there really isn't any sign of a bubble. Well, at least from the perspective of the real estate analysts.
A good resource for condo information would be
cranespotters. Be sure to check it if you haven't
simms3_redux. It gives you an idea of many developments on the condo level.
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