Florida is the capital of oceanfront condos and high-rises. As you stand on Miami's version of Ocean Boulevard and look up, the condominium buildings rise to dizzying heights that other oceanfront condo developers never thought about. And there are hundreds, maybe thousands of them. Who buys these condos, and who owns them?
With the slowdown in real estate Florida foreclosures are numbered second only to Las Vegas. This was the absolute land of condo-flipping during the boom in the mid 2000's, and there are so many people who ended up being burned when the bubble burst and the market dropped so suddenly.
Even Donald Trump wasn't immune to the Florida oceanfront property problems. His Trump Tower is like most of the rest of them, populated by owners who never meant to be owners, and many who can't afford to keep them. Most all the condos are selling now at about half what they originally cost. The losses are bad for the owners and the banks, but very good for the buyers who are coming along now.
Cities like Fort Lauderdale and Boca Raton, Florida have also wonderfully developed their part of the Intracoastal Waterway, and the elegant houses and fabulous condos on the Florida Waterway delight the boaters with their beauty. These inland waterway homes haven't lost their value nearly as much as the oceanfront property all over Florida.
If you are a buyer looking for Miami or any other Florida Oceanfront property, browse the different beach pages we've put together to see which parts of Florida you like best. Will it be the more temperate cities like Daytona, the turquoise waters of the gulf side like Pensacola or Destin, or the southernmost florida beaches like Miami or the Keyes?