Luxury homes are everywhere

North Miami Beach has the area of luxury houses where among the owner you can find some real estate investors, businessmen who are also distressed. All the luxury houses were bought at very high prices as the owners hoped to resell them with more profit ever. But when the crisis burst out, the real tragedy came out for the owners as their losses can’t be measured at all.

The area mostly consists of condos and mansions, the price of them can reach up to 30 million dollars. They say that lots of celebrities won the houses in North Miami Beach. But their status doesn’t help them to sell the property with the appropriate profits.

Some of them realize they won’t be able to return the money that they paid for the house, they are ready to sell the house with any money they are offered which is also not good for everybody.

Condo market is booming

It’s a well-known fact that the construction branch has decreased its scale size recent years because of the crisis. But still you can observe that a new project is started every month in spite of the national economy slump, plummet in tourism and numerous foreclosures. Builders are not eager to start new projects in North Las Vegas area. But if the construction is made it’s usually made environmentally friendly or green. This is done to make potential buyers interested and buy new green and healthy houses. But many such projects have been scaled down because of the crisis. Building companies say as the number of foreclosed houses is still great, the new property to build has no sense at all as it can’t compete in price with the houses on sale in North Las Vegas.

Still there are some people who would choose rather a new house than a foreclosed house with a number of problems.