Every day when we read, hear or watch the news, we are bombarded with negative and distressing news stories. In particular, the bad press about the real estate business seems to be all you hear. You cannot go about your daily life without hearing about some sort of bad news about real estate, and Miami is often mentioned in these stories. But we need to be more area-specific when we discuss the “Miami Market”. While there are definitely areas in Miami that are struggling and may continue to struggle, there are some very bright spots that no one, except for most who are actually in the real estate business, talk about. Here are some updates on the Miami Beach and Miami Market. First Miami Beach: WCI Communities have closed 90% of their condo units at One Bal Harbour. Wow, how could that be when, according to the cynics and pessimists, condo prices are plummeting and not selling? Sales at One Bal Harbour have ranged from $1,150,000 to, what I hear from the developer, the $11 million penthouse. There are currently 35 sales in the MLS currently pending or closed. This building is a great determination of how the market is… Read full this story
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