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Miami Condos: Not As Cheap As You Might Think

  • May 1st 2009

by Mark Wellborn

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If you are under the impression that you can get the deal of a lifetime on a condo anywhere in Miami, think again. The New York Times has a story about how the Miami condo market may be struggling, but pockets like Miami Beach and South Beach are still well beyond most people’s means.

Miami Condos: Not As Cheap As You Might Think: Figure 1
Baseball Player Mike Piazza’s Miami Condo Courtesy of The NY Times

The article notes that even though “inventory is up [and] prices are down” in South Beach, those believing that they can get a condo for under $100,000 in this popular Miami zip code are mistaken.

From The Times:

“I get numerous phone calls from people who want to buy in Miami Beach, but they’re looking for that $58,000 condo,” said Allison Cotter, an agent with Esslinger Wooten Maxwell. “You have to say to them, ‘That’s not here; that’s over in Miami.’ ”

The article notes that South Beach remains a favorite destination for celebrities, athletes and well-off businessmen, and the condos in luxury high-rises with beach views start between $500,000 to $1 million and go up to well over $5 million.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/miami_condos_not_as_cheap_as_you_might_think/866.

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