Condo Crisis?

These days it seems "For Sale" signs are as plentiful as the palm trees that take root on our sandy shores.. Although the Miami skyline is still peppered with the signs of a burgeoning city, i.e. cranes and construction crews hard at work, an equal number of investors and homeowners are feeling the telltale symptoms of the collapse of the housing market. We won’t even dare to mention the sub-prime mortgage crisis. By almost all media accounts it’s dismal out there. However, if we are to believe the optimistic musings of Mickey Caruana, a well respected real estate broker with A. Caruna & Associates, a Century 21 company, it’s not as bad as they’re telling you.

“Look it’s slower than we would like it to be, but the shortage of buyers isn’t due to these supposed horrendous conditions people are hearing about in the media. In fact, rates are still at near historic lows creating enormous opportunities,” said Caruana.

As for the condo market Caruana remains optimistic. “A piece of property is only worth the function that property owner gives value to. In other words, a certain person might value having all their amenities taken care of, like the lawn or other maintenance. To that person, buying a condo might be a great deal. While other people may value the long term investment of owning land and don’t mind the extra expenditures that come along with it,” explained Caruana.

So, take heart, folks, and don’t believe all that media hype. Real estate and particularly owning land is still the way to go for investing. Remember, the old real estate adage about land—God ain’t making any more of it.