During the market crash in 2008, Miami condominiums across the region were seen vacant, which left many disheartened over the situation. The fact that there were too many condos on the market which no one seemed to want to purchase had left the supply inventory filled with options, which left an imbalance on the market as far as supply and demand were concerned.
Naturally, such circumstances led to the decline in property prices of as much as 49 percent over a span of six years, which is substantially higher than the 33 percent decline in price that was seen on a nationwide level.
While no one will deny the fact that the market crash within the region was indeed one of the worst, and that is exactly why many are surprised so see how well Miami has managed to get back up from the rubble, especially in regard to its condos.
Recent surveys now show that about 90 percent of all existing Miami condos are either being rented out to tenants or occupied by their respective owners, which marks for such an impressive turnaround.
The vast majority of people who have been purchasing real estate within the region tend to be foreign property buyers who have taken full advantage of the fact that the property prices within the region had decreased by such a significant amount. With foreign property buyers coming in from Latin America and Europe, many feel that recovery would have never been made possible without their driving force.
Over the years, Miami has been an attractive location for people from all other the world. Its fabulous tropical climate, beautiful attractions, and exceptional location with regard to business and leisure have made it one of the most ideal places for people who would like to make the most of their available opportunities.
If you would like to learn more about the successful turnaround within the region, or if you are interested in being able to purchase one of the many fabulous Miami condos which are currently on the market, you should get in touch with a professional agent that can provide you with full information regarding the market and your available options.