Florida, in particular Miami, has always been a speculators market. Its no surprise that at present it has more than 2 yrs of inventory sitting vacant. That, coupled with high property taxes and insurance doesn't make it attractive to investors. Sellers in Florida need to wake-up and realize that its 2009 and not 2006. Until then, property values will keep declining in direct response to consumer sentiment. God forbid there be a natural disaster, then for sure values will plummet harder.
Jan 15, 2009