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<h2>So You Want To Buy A New Luxury Condo In Miami</h2> <p> If you're thinking about buying one of those new condominiums in Miami then you better do your homework like your life depends on it. I know it would be really cool to be living in a new luxury high rise condo in Miami close to South Beach but here's some things that you may want to consider before you sign a contract.<br /><br />Currently there are thousands of new vacant condos in the downtown Miami area with ocean, bay or city views, roof top pools and valet services. These units are just waiting for you to move into but you might want to ask yourself why are all these "luxury" condos still vacant?<br /><br />I'm going to share with you some of the reasons these condos are still vacant and why you may be making a big financial mistake if you buy one.<br /><br />Back in 2004 thousands of new condos in the downtown Miami area started to be built so alot of investors signed pre-construction contracts thinking they would be able to resell them for a nice profit. The condos weren't going to be finished until mid to late 2005 which happend to be the time the real estate market started to come to a halt. So investors that couldn't sell them or move into them just walked away.<br /><br />This left hundreds or thousands of units vacant with builders scrambling to sell them. They offered incentives like, free maintenance for one year, appliance upgrades or no closing costs. After six to ten months of no sales this didn't work so they started reducing prices. I don't think they were making any profits but they just wanted to get out of the projects.<br /><br />Per the multiple listing service as of June 23, 2008 there were 4,591 vacant units and 14,742 active listings in the Miami downtown area.<br /><br />So is it time to snatch these units up?<br /><br />Here's some of the reasons why you may want to wait before you buy;<br /><br />1. Values are still declining.<br /><br />2. These condo projects may be hard to obtain financing in.<br /><br />3. Due to the number of vacant units the monthly/yearly maintenance fees may go up substantially.<br /><br />4. There may be substantial special assessments in the condo budgets due to the vacancies.<br /><br />5. There may be to many rentals in the project to obtain financing.<br /><br />6. There may be a substantial number of foreclosures in the building which may prohibit financing.<br /><br />Well I hope this information has helped you realize some of the obstacles you may face. As always "Buyer Beware".<br /><br />To get property information in Miami you can go to www.miamidade.gov and click on property search. <p style="margin-bottom: 0; margin-top:5pt"> <font face="Arial" style="font-size: 10pt">Article Source: <a href="http://www.ArticlesMaker.com">ArticlesMaker.com</a></font></p> <h3>About the Author</h3> About the author: Frank Kasper has retired after 21 years as an appraiser/real estate agent and now is a full time investor. To receive a free report and see what Frank uses to make money go to <a href='http://www.ShortSalesA-Z.com/' target="_blank">foreclosures</a>, and <a href='http://www.SoftwareA-Z.net/'investment software</a target="_blank">

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