Prices are very high in the Miami real estate market right now, and a big part of it is because of all of the pre-construction projects that are being built by developers in such a booming market. Miami has more pre-construction projects than ever being built by developers looking to make huge profits in such a thriving marker. The developers are selling apartment and condominium units that have not even been created yet. The buyers of these units buy them at a great, low price, and then once the developers finish the project the buyers will sell their now more expensive apartment at a large profit. In order for all of these new projects to continue to be sold, there needs to be a large demand from foreign buyers. They are going to sustain the market and need to come to Miami to invest. It seems as if their might be some overbuilding going on with hoped os making huge profits, but developers are relying heavily on foreign buyers coming to Miami to invest. We will see in the near future if developers will be getting wealthy or if there will be a lot of vacant units.
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