South Beach Condo Market Goes South

Mar 10, 2007

The weakening Florida real estate market has even hit the high-end South Beach luxury condo arena. Wealthy homebuyers and investors are shying away from the once hot and trendy luxury condo market in South Beach. Several new luxury projects are having difficulty selling units at the present time. Buyers are particularly avoiding hotel units that are being converted into condos. Once again, it is a case of supply outstripping demand. The Manhattan market will always be protected to a certain degree because it is a tiny little island surrounded by water. Consequently, there will always be more people who want to live in New York than available homes.

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