September condo sales in Miami rose 36%, compared to this time last year. And there are very clear, concrete reasons why! Excellent condo pricing (mostly found with short sales, REO's and distressed properties) and incredibly low mortgage rates.
With historic low mortgage rates first time buyers and investors are the top groups jumping on the bandwagon of the housing recovery. Though first time buyers don't have the current benefit of a government buyer incentive, short sales and distressed property deals seem to be incentive enough. For investors, positive cash flow is now possible again as condo prices in many areas and in many buildings have been slashed all throughout Miami.
"Great deals" are subjective to the buyer... but this reporter has verified that as of October, 2010... there are 72 condos on the market for sale with two bedrooms (most popular sized condo) for under $30k! Though many of these condos are older and in "distressed" condition, many of them are in excellent condition, some even as new as 2007. Positive cash flow can be had in investment property if buyers use due diligence and pay special attention to the monthly condo dues expense and potential special assessments due to too many foreclosures in the complex/building. With the right research, it is possible to find excellent condos to invest in right now.
For investors, Miami is a no-brainer. Rentals are always needed in Miami, and the rents rarely fluxuate in most areas. With mortgage rates holding steady at all-time lows, now might be the right time to get into the market... for the first time... or again!
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