Particularly in the South Beach area, Miami Beach condos have received lots of attention from intrepid investors. As more decide to seize upon whatever deals may be available, the competition becomes increasingly crowded and one of the latest competitors is none other than the Miami Beach Community Development Corporation.
There are quite a few Miami Beach condos that at one point were set to become the next best thing during the glory days of the housing market but ultimately failed. Because of this, prices have dropped by several thousands and the Miami Beach Community Development Corporation has already snapped up a 35 unit building called Neptune Beach for $162,000 per unit, a huge discount from its original selling price of more than $200,000.
While investors have their own purposes for purchasing Miami Beach condos, the purchased condos of Neptune Beach will become affordable rentals geared towards provided housing for local Miami Beach employees. Neptune Beach is one of several additional condos the Miami Beach Community Development Corporation has or will purchase. As more people take the next step towards snapping up hugely discounted Miami Beach real estate, it may be a good idea to perhaps consider your options.