Words: Ashley Rigg
Published: 7th September 2009
US: Boom time in Miami
The Miami Herald reports on a mini boom in the downtown Miami condo market.
Developments that were almost empty are now almost sold out as investors and homebuyers return to the market tempted by half price offers.
``It's definitely a mini-boom,'' says Peter Zalewski, a principal of the Condo Vultures brokerage. ``In the mentality and psychology, there are a lot of the same characteristics you saw during the run up.''
The differences: No escalating prices. And investors -- primarily foreign nationals -- are paying in cash and are willing to rent or hold the units until the market recovers.
Full story on
Miami Herald
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