Higher Priced Miami Condos Marketed to Foreign Investors
As Miami condos become "a growing housing option for people who have been priced out of the single family home market," they have caught the eye of Florida speculators. Their aim is to buy Miami condos and then quickly sell them at a higher price, a process called flipping.
But as prices rise, "community activists are railing against development, and observers are wary of a possible bust because of speculation fueled by investors in the pre-construction and condo conversion markets."
Of the thousands of Miami condos built over the past three years, 30,000 more are planned for the coming years with price tags between $120,000 and more than $1 million. As prices increase and escape the economic reach of locals, condo converters and developers are marketing more and more to outside buyers.
The strength of the euro makes buying a second home in the United States an affordable option for Europeans. Miami condos are also of great interest to Americans living in the Northeast, as the city "has long been a vacation or second-home destination."
But as prices rise, "community activists are railing against development, and observers are wary of a possible bust because of speculation fueled by investors in the pre-construction and condo conversion markets."
Of the thousands of Miami condos built over the past three years, 30,000 more are planned for the coming years with price tags between $120,000 and more than $1 million. As prices increase and escape the economic reach of locals, condo converters and developers are marketing more and more to outside buyers.
The strength of the euro makes buying a second home in the United States an affordable option for Europeans. Miami condos are also of great interest to Americans living in the Northeast, as the city "has long been a vacation or second-home destination."
