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Miami Condo Market: Bust to Boom?
CNBC.com | March 15, 2012 | 01:10 PM EDT

South Florida real estate developer Martin Margulies has been sitting on prime ocean-front property for five years, waiting for the condo market to rise from the grave. When the market here crashed in 2007, amid overzealous speculators and an abundance of cheap and easy credit, condo construction ground to a halt. The joke had been that the unofficial bird of Miami was the crane, but that bird flew the coop. Apparently it is now swooping back in.

"This is the moment because we're going to be delivering this property next year, and so by that time there will be good demand, there is good demand now," says Margulies, who began construction on a brand new high-end condo tower in December.

And he is right.

Foreign buyers, largely from South America, but also from Europe, Russia and China, are flooding into the Miami area, and that has developers rushing to keep up with demand.

"The music started again in South Florida," says Peter Zalewski of CondoVultures , a Florida real estate data and investment firm. "We have an arms race of developers moving into the marketplace trying to put up condos or planned condos in anticipation of a recovery in the next two years or so."

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