Miami may have been the poster child for the foreclosure crisis and the collapse of the housing market five years ago, but now the area is making international headlines for the robust recovery of the local condominium market. The April 5 print edition of The Economist featured a major article titled “Erectile Resumption: Could the Miami Skyline One Day Resemble Manhattan’s?” that details how condominium development in Miami and the beaches is undergoing a resurgence that is surpassing even the most optimistic predictions.
Banks are lending money. Developers are building new condominiums. And yet occasionally we are reminded of the turmoil that arose following the bursting of the housing bubble. A recent Florida Supreme Court decision regarding escrow accounts is one such reminder.