Finally, Renters Are Taking Advantage Of Ridiculous Miami Beach Condo Bargains


Photo: exotic car life on flickr

Capitalism is starting to work again in South Florida, where the massive glut of condos has become a bonanza for young folks with a little cash.Bloomberg:

The 26-year-old tax accountant walks three blocks from his condominium tower on Biscayne Bay in Miami to his office at Deloitte LLP. On weekends, he and his friends hang out on the pool deck or share a cab to a local Irish pub.

He lives in Downtown, a neighbourhood where young people are renting condos built during the 2004 to 2008 boom to attract second-home buyers. Thanks to the housing crash, [Brandon] Klein and two roommates pay about $900 a month each for an obstructed waterfront view, a wraparound balcony and access to a gym, spa and steam room.

Well, he still lives with two roommates, but an obstructed view of the waterfront, a wraparound balcony, a gym, and a spa are all pretty nice for $900/month.

Maybe there’s hope in Florida yet.

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