Condo Market In Miami Hots Up

It seems that Miami is having somewhat of a condo resurgence.  Looking back to the property market in 2003 to 2005, Miami was somewhat of a no-go area for condo property hunters, when the national housing and property market crashed, it was in Miami that it crashed first and hardest.  But now in 2012 the Miami condo market is back and booming bigger than ever.  Pete Zalewski, the founder of CondoVultures.com (a site specialising in the Miami property market) describes how “ there are  45 new  towers proposed, with 7,600 new units,” showing how the demand must be there for these new condo towers to be constructed. So who is helping the Mimi property market grow?  It seems that the buyers of these condos are largely coming from Latin America with a sprinkling of interest from Europe, and these buyers are not messing around says Zalewski “putting 50 to 80 per cent down”. Arizona’s housing market is also recovering, slowly but surely as the state has long been suffering but like Miami things are on the rise with recent sales activity looking positive. Stan Humphries, the chief economists for Zillow.com has predicted that house prices in Miami would be up 5 per cent now year-over-year.

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