An Associated Press article last week highlights opportunities in commerical real estate. Whereas many economists are predicting that the housing market is at or close to bottom, the commercial sector is just starting to see massive defaults. A skyscraper in New York that was purchased for approximately $50o million in 2006 just sold for $100,000! The commercial real estate market is the worst in decades and there are billions worth of distressed properties in every market. This creates an amazing opportunity for long term real estate investors.
Although Miami does not have the commercial density of New York or Chicago, it did go through a commercial building boom, and there will be many opportunities in all commercial sectors over the next year.