It's hard to believe, but condos in Downtown Miami are selling fast. After a few bulk sales to institutional investors, many developers have substantially reduced prices on their remaining inventory. The magic number driving many of these condo purchases is slightly north of $200/sq ft. At those prices, many units make sense as an investment if they are cashflow positive when occupied by a tenant. Because many developers have had rental programs in place, it is possible to even purchase a unit already occupied by a tenant.
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