Certain parts of the Sunbelt are a lot more affordable now that the real estate market has slowdown and there are plenty of Miami condos for sale. So if you have been thinking of retiring to a formerly hot market now’s the time. Fortune has named Miami one of the top five best markets to find a Miami real estate deal.
Miami has been hit pretty hard with the recent real estate slow down. Speculators gorged on condos, lining up for lotteries and flipping paper units at the height of the boom. Then, in 2005, the market turned, and the buyers vanished but only temporarily.
At this time there are over 1,400 condo units that have been on the market for more than 100 days and shed at least 10 percent or $100,000 in price. For example, there is a vacant two-bedroom penthouse in a 35-story tower overlooking Biscayne Bay that has already been cut in price from $1.2 million to $849,000.
Some potential buyers think the market's still going to settle out in the next 18 months but if you can't wait that long, consider leasing Miami real estate in the meantime. The owners of a similar empty penthouse in the Biscayne Bay tower are looking to rent there place so badly that they've dropped their monthly price from $4,500 to $2,800.
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