Miami Condo Market Highlighted by the Major Media

February 22, 2008

Kevin Tomlinson, of the South Beach Condo Blog, hit a home run yesterday with his post entitled “All You Ever Wanted to Know About Miami & Miami Beach Real Estate: A Video Round-up”. The “Today Show” was in sunny Florida yesterday morning to report about the Miami and Miami Beach real estate market along with Barbara Corcoran, the queen of real estate. Barbara’s words are highly regarded in the real estate industry, so be sure to watch the video to the end to hear what she has to say.

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Miami has evolved over the years. It was once regarded by many as a flashy and dangerous place to visit. It still remains flashy but it is no longer considered dangerous. The following video portrays the new Miami:

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For a different take on the Miami condo market, CNBC also interviewed Ron Shuffield, President of EWM, standing in Met 1, a Miami condo development slated to begin closings within the next month.

Prices have come down 25-30% since late 2005 to early 2006. Recently, some foreclosures have been purchased at a 50 percent discount. I receive phone calls every day from investors and end-users who want to buy at 50 cents on the dollar. If they want to buy at a 50 percent discount from today’s prices then forget about it. That would amount to buying at 25 cents on the dollar from the height of the market. There are now opportunities to buy at 50 cents on the dollar from 2005/2006 prices.