By Mike Colpitts- http://www.housingpredictor.com
A year of appreciating home and condominium values has sent developers scrambling to find land to build new developments on in Miami. The booming shape of real estate reality is flying high again in this picturesque waterfront city. The American Dream is alive and well in one of America’s great vacation spots.
There are 45 new condominium towers proposed to be built in the region, which includes swank Miami Beach and South Beach, where there’s no shortage of bikinis most of the year. The construction crane was said to be the state’s bird by real estate types during the bubble years, and it seems that it’s going back to work.
The housing crash was devastating for the region, but it’s all but healed with the influx of new money from international buyers, two out of three of whom are paying cash for property purchases. No mortgages are needed for this well to do set.
Cheap money in terms of mortgage rates and pent up demand is also driving a recovery in Florida’s largest metropolitan region. Home sales are climbing for the second year in a row as record low interest rates push more home buyers into action. However, a 10% high unemployment rate still troubles most of Miami and most of Florida, which depends heavily on its tourist business and real estate industries for mainstays of the state’s economy. The joblessness rate has been cut in half.
Read full story here: http://www.housingpredictor.com/2012/miami-building-fever.html