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Miami Beach Real Estate: Taking A Close Look At The Apartment Rental Markets
Amid the slowdown in South Florida's housing boom, developers have been noted to be on a buying binge of many rental apartments, and are turning these into condominiums, and these are done at a much faster pace. Why the recent condo conversion binge? According to market analysts, Across the Miami-Dade county and extended areas, home builders and developers have sought to take advantage of the strong, and sometimes frenzied demand for condos by converting many apartment units into condos. Many view that this scenario allows developers to avoid the hassles of actually erecting a new structure, and would also allow prospective buyers to buy and move into a unit faster than the estimated two years it would generally take for a new condo to be built How Many Apartments Have Been Converted Since? According to data culled from the localhousing office, just in 2005, around 10,000 or more apartments were converted to condos in Broward County alone. In Miami-Dade, the condo conversions have quite reduced the rental stock, and many note that it would probably take an additional 3,000 new rental units each year for the next five years to replenish inventory levels to 2002 levels, this acccording to Marcus & ... more
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