It was only a few years ago that the cities of Miami and Las Vegas were in the middle of an enormous growth spurt. In the midst of the boom, a mushrooming of condo developments and more-than-willing buyers sent home prices through the roof.
Now, foreclosures are ruling the hard-hit towns, and home prices are skimming on rock bottom. In comparing the two cities, Miami came out on top in terms of scope of development. The condo explosion in South Florida was colossal.
"They built less in Las Vegas than in Miami," but there are fewer potential buyers, said Marty Burger, president and chief executive of Artisan Real Estate Ventures in Las Vegas.
The market was pitching condos for second homes to those that visited either city… a better alternative than renting hotel rooms.
"There was no real demand that you could point to," said Jack Winston, a consultant with Goodkin Consulting. Winston was cautious about the development and growth, as there was no real demand that justified any of the new projects.
"Outside developers came here and really misjudged this market," said Irwin Molasky, a Las Vegas real estate developer. "It is not a Miami market. We don't have the South American trade, the New York trade, and they just thought, if you build it, it will come.
Although Miami is in recovery-mode, the city still attracts millions of tourists and now is a better time than ever to find amazing condos and super-affordable prices.
To find South Florida condos, contact real estate professional Roman Pavlik at southfloridarealtysource.com.