Miami’s South Beach is losing high-end buyers, reported Candace Taylor for The Wall Street Journal.
Spring breakers are flocking to South Beach, giving the area a bad reputation, Taylor wrote.
South Beach isn’t the only Miami neighborhood where condo sales are declining — the whole city has seen a decrease in wealthy buyers, partly because of economic forces and climate change.
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South Beach, Miami, is no longer as hot as it used to be.
At least, that’s the case in the real estate market.
Fewer wealthy people are buying homes in the area — and it’s partly because of the neighborhood’s growing attraction as a spring break destination. So reported Candace Taylor for The Wall Street Journal: “Once famous for its art deco architecture and nightlife, it is gaining a reputation for crowds and wild partying,” she wrote.
In the first quarter of 2019, South Beach condo sales fell by 11.6%, according to a Miller Samuel report. That stands out compared to trends across Miami-Dade County, where sales increased by less than one pe cent year or year, per the Real Deal. Across South Florida, …read more
Source:: Businessinsider – Life