Luxury Miami Beach condos and those throughout Miami are usually intended for well to do buyers; the rental class has largely been left out. Today, it's all about the renters. Luxurious pet spas, al fresco movie theaters, developers are now catering to the groups of people who might have been considered the minority at one point.
Still uncertain about where the market may be headed, renters continue to embrace buildings like luxury Miami Beach condos. Not having to navigate the choppy waters of a mortgage or plunk down a huge sum of cash remains one of the primary reasons for the huge growth in renters. It also doesn't help the buyers market that prices and interest rates are still low but lenders maintain a steel grip on who they choose to lend to.
It's important to note that there are buyers out there who can afford to buy and can most likely pass the stringent requirements lenders have placed in order to buy Miami Beach condos. However, it seems that until there's some greater semblance of stability in the market, buyers will continue to wait while renters emerge and take the plunge.