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.
The article focuses on how the recovery in new condominium development is being fueled by private equity investors as well as by foreign buyers from Venezuela, Argentina and other Latin American countries. It also reads:
“These [new condominium] projects build on progress made over the past decade towards becoming a world-class city, from the opening of dozens of top-notch restaurants to Art Basel picking Miami as one of the three venues for its shows (“the Super Bowl of the Art World”, as Tom Wolfe called it in his Miami novel, “Back to Blood”). Tourism is at record levels. Miami is the only American city besides New York in the top ten of Knight Frank’s 2014 global-cities index, which ranks cities by their attractiveness to the ultra-wealthy. (It comes seventh, ahead of Paris.) Property is still far cheaper than in most other cities on the list.”
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