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Monday, November 26 2007 @ 07:08 AM Central Standard Time
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Miami's former building boom, which is now beset by sluggish condo sales, panicked investors and worries that market conditions may get worse before they get better -- has become Miami's building bargain, one city commissioner says.
And Commissioner Marc Sarnoff says the best thing for government to do is just what any savvy shopper would: buy, buy, buy. The commissioner says if prices dip as low as $175 per square foot, government should purchase condo units and partially subsidize them for teachers, police officers and the like.
Sarnoff says a wide range of condo units are currently available in the $225 to $250 per square foot range, and he expects prices to drop in coming months. Under Sarnoff's plan, condo buyers who qualify for government incentives -- likely workers earning between roughly $28,000 and $65,000 -- could receive down payment assistance or help with paying their condo maintenance fees.
''If the marketplace presents an opportunity -- the city, the county, the state should react to that opportunity,'' Sarnoff said. Sarnoff's office, citing figures provided by the city's Community Development Department, says new affordable housing units can cost up to $350 per square foot to build. Sarnoff argues it is more cost-effective to invest in high-rises that are already here.
Vanessa Arellano Doctor
http://miamirealestateinc.org |
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