I don't know about Miami, but condos in the Orlando area are practically being given away. Now that might sound good, but there are some things to take into consideration.
Many apartment complexes went condo a couple of years ago at the height of the real estate bubble. Many people bought them and found out they could not afford to keep them. They let them go into foreclosure.
Unfortunately, many of the management companies cannot afford to take care of the empty units. They have simply closed them up. That is a bad thing in this climate. A closed up apartment without air conditioning often means serious mold damage.
I've heard that some of the units that were going from between $250k to $500k are now going for around $20K. This would be a great thing if you have the money and are willing to do the repair work. You would also have to be willing to live in an area with basically no upkeep. Since the management companies are destitute, they are not taking care of the grounds. There is a really beautiful condo building in the Metro West area here. The management company has had the electricity and water turned off to all the common areas. That means dark hallways and no upkeep on the lawns.
It's a bad situation.
