Miami's New Affordable Real Estate Projects

Amid the ongoing slump in real estate and the worldwide economic crisis, there still appears a demand for affordable pre-constructed houses in a good location such as Miami, South Florida. And this is exactly why last weekend, the downtown Miami Real Estate Market had to stay up late for their open house till past midnight.

Among the affordable pre-constructed houses it offers is Loft 3, where one-bedrooms start at $159,000 and two-bedrooms at $293,000. Finally, prospective buyers who wish to reside in South Florida are now offered affordable housing options.

Two real estate agents from a real estate developer in Miami came in to each buy units, one as a condo investment. One buyer for example is buying a unit for herself and for a client from Spain. Her clients think their prices are reasonable and affordable and she will try to resell her unit.

Another reason why buyers are thinking of buying houses in Miamis Little Havana is its good location. One prospective buyer, for example, who works for Miami-Dade County government said hes feeling tired of commuting from South Miami. Meanwhile, a dance professor at Miami-Dade Colleges Wolfson Campus in downtown Miami said her kids are moving out of their Kendall house, also for the same reason: she wants to avoid the traffic of going to school.

Interested buyers are mainly looking for condominiums or house units where traveling to work or school is easy and carnival centers are accessible. A client who grew up in Chicago desires this amenity saying adjustment to a new city environment is no problem since she grew up in Chicago, a city thats almost shares the same familiarity with South Florida, Miami.

The project is the Related Groups third in downtown Miami that is largely focused on middle-income buyers. Related Group previously built Loft Downtown and is building Loft 2, a building that vaults the Metromover line. Both are on Northeast 2nd and 3rd streets. Related has refocused its efforts on building lower-priced condos near employment centers and mass transit hubs.

On an interesting note: during first half of this decade, there is a record of low mortgage rates, more employment opportunities, population growth in the Miami area, and a growing interest from overseas visitors, immigrants, and investors.

Miami Real Estate asks for government support. Perhaps the legislature could help manage reasonable taxes imposed. It is a sure thing that would really produce great effect in real estate industry. Still, many developers say real estate prices are comparably exorbitant that they cant lower prices without government support. To break even, the one huge firm in Miami used a city-owned garage across the street for resident parking, a property Related bought several years ago when prices were better. Presumably, it would only take developers to do some legally permissible trick to play with the government to recoup what it has affluently paid to the government.

The real estate market in Miami, Florida is projected to ease a sign that the real estate market is stabilizing. With housing projects targeting the middle-income groups, sales are expected to rise in 2006 and next year. Market analysts note that the housing market continues to provide a strong foundation to the economy even as the market adjusts.

Jade Amethysthttp://www.miami-realestate.net

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