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Amid the slowdown in South Florida's housing boom, developers have been noted to be on a buying binge of many rental apartments, and are turning these into condominiums, and these are done at a much faster pace. Why the recent condo conversion binge?

According to market analysts, Across the Miami-Dade county and extended areas, home builders and developers have sought to take advantage of the strong, and sometimes frenzied demand for condos by converting many apartment units into condos.

Many view that this scenario allows developers to avoid the hassles of actually erecting a new structure, and would also allow prospective buyers to buy and move into a unit faster than the estimated two years it would generally take for a new condo to be built

How Many Apartments Have Been Converted Since?

According to data culled from the localhousing office, just in 2005, around 10,000 or more apartments were converted to condos in Broward County alone.

In Miami-Dade, the condo conversions have quite reduced the rental stock, and many note that it would probably take an additional 3,000 new rental units each year for the next five years to replenish inventory levels to 2002 levels, this acccording to Marcus & Millichap's 2006 National Apartment Report.

However the National Apartment Report has said that it's uncertain if enough individually-owned units are resurfacing on the market as rentals, and whether this would be a major factor in improving the overall rental market.

Apartment Housing Data From Miami Beach

The city of Miami Beach is considered to be one of the best vacation destinations in the United States. Collins Park is one of the city's districts, and is considered to be the most "up and coming" neighborhoods here.

Local media sources here note the completion of the new Sanctuary Spa Resort, an updated public library, and several open projects as evidence for its redevelopment. The district is currently going through a gentrification process, wherein many of the area's old middle-income apartments, largely built in the 1980s, are now being bought by large property developers, and are being be converted into condominiums.

This trend is frequently seen in many of the city's neighborhoods, as the areas that were once inhabited by lower-income families and individuals are being gobbled up by upscale developers and are converted into middle and upper-market housing developments.

A Look At The Apartment Market In Miami-Dade

AT present, property brokers in South Florida agree that there is an apartment shortage in the whole of Miami-Dade County, and they estimate that the area will need an estimated 3,000 to 4, 000 units annually However, there is little chance those units will be built, based on the past four years, as an average of 1,449 units were built per year in Miami-Dade from 1997 to 2000.

The average rental price for a one-bedroom unit in Miami-Dade is $790 per month, and these are expected to rise on average by around 3% annually. Although the luxury rental apartment industry is seeing a boom in Miami-Dade, it is quite harder for average individuals to find a place to live.

According to housing analysts, as of May 2001, there was only a 2% vacancy rate for all kinds of apartments, as compared to May 2000, when the vacancy rate was 2.4%. The county's currently tight middle-income housing market can be attributed to the fact that a large portion of the affordable mid-level housing markets, are being purchased by condo converters.

Famous for being known as the "Venice of America," the city of Fort Lauderdale is located in Broward County, Florida. The city has a total population of 152,397, and is the county seat of Broward County, and forms a part of the South Florida metropolitan area.

The city's extended metro area covers 23 miles of beachfront that stretches along the Atlantic Ocean waters. This pleasant metropolis has been refined into a vibrant, yet casually sophisticated city, offering more than 2,500 restaurants that have world-class dining amenities, but still retains that unique local flavor and personality. The climate in this part of the state is tropical, and averages a year-round temperature of 77 degrees.

The City Has Seen Robust Growth In The Past Decade

Fort Lauderdale's downtown area, especially within Las Olas Boulevard, has seen impressive economic growth in the past decade, and now is home to many new hotels and high-rise condominium projects. Other major enhancements include a large array of new fashionable shopping districts, boutiques, galleries, cafes and restaurants as well as the upgrading of Lockhart Stadium, to effectively attract major sporting events.

In the last 10 years, there have been 15 new development projects, with a total of 2,600 units, along the coast of Fort Lauderdale, Hollywood, and Pompano Beach, and thousands more are on the rise or are being proposed. The city and its surrounding area, from Riverwalk in the Las Olas and downtown district, to the city's sandy beaches, offer an exciting array of leisure and entertainment activities, and cultural events as well.

The Area's Property Markets Are Booming

The city's real estate market is currently thriving, despite the slowdown in the US housing market. Real estate values in Fort Lauderdale have appreciated by a whopping 33 percent in 2007.

New large-scale developments are rising in the skyline of the city's downtown area, and this includes 11 high-rise and mid-rise luxury condo projects. Famous retail chains identified the metro area as loaded with a fertile commercial base, and have established their presence here. Some of these famous and upscale commercial firms include names like Starbucks, Krispy Kreme, Whole Foods and Barnes & Noble booksellers. The revitalization of the downtown district has brought more options for dining, shopping and entertainment.

When one thinks of this city and the whole of south Florida as well, one major aspect that comes to mind is the large number of condominiums that dot this area’s landscape.

Condo complexes are a very popular among people who wish to live a low-maintenance lifestyle, and also as an alternative to the traditional single-family home living arrangements, and to those who looking for part-time vacation retreats. Condo projects in this city vary from 2-floor buildings with a handful of units to high-rise towers with hundreds of units.

Tourism Is The Major Driving Force Of The Area

Fort Lauderdale's economy is very much reliant on tourism. During the 1970s, the area was famous as a spring break destination for college students. However, since the 1980s, police have cracked down on underage drinking and other illicit activity, and the tourist revenues have been largely redirected toward cruise ships and other water sports or boating activities. In the last few years, the city however has welcomed back spring break visitors with open arms, in large part due to the massive infusion of cash these visitors provide to the local economy.

The City of Miami in Florida is the largest city in the state of Florida, located in Southeast Florida, in Miami-Dade County. The City is world-famous for its diverse culture and healthy ethnic mix, with strong ties to the Hispanic world, and is the largest urban enclave in the county.

The vibrant metropolis is also known as the Gateway to the Americas, as it attracts a tremendous amount of foreign-born nationals, and is recognized globally as an international hub of commerce, tourism and the cruise line industry

New Developments Abound Here

The new developments in the Miami metro area today include residential homes and high-rises as well as other cultural, entertainment and business institutions and eye-catching attractions. The city has 13 different neighborhoods that contain many historical and cultural locations and landmarks.

Each of the city's neighborhoods are equipped with full-service parks, fire and police stations and special neighborhood assistance centers, where residents, tourists and businessmen can go to get answers and resolutions to their questions or queries, and assistance with other major city services as well.

Real Estate Conditions In Key Areas Of Miami-Dade County

- Aventura

For real estate conditions in Aventura, local property MLS sites and brokers note that there are currently 2372 condo listings in this area, with the highest-priced listing pegged at $6,000,000, and the lowest-priced listing set at $99,000.

For the period, pending sales were placed at 114, and the closed sales for January of this year were 40, and these units ranged in prices from $3,600,000 to $112,000.According to local housing analysts, Aventura's real estate market remains in good condition, and its residents love the proximity to the ocean and its central location.

- Miami Shores

According to recent figures, there are currently 222 home listings in this area, with the highest-priced home listing pegged at $3,250,000, while the lowest-priced listing is set at $229,500. Pending home sales here stands at 14, while closed sales for January of 2008 stood at 3. The closed sale prices ranged from $668,470, $339,000 and $375,000. According to housing industry observers, if home sales here stays at a pace of 3 sales per month, it will probably take 6 years to sell the area's inventory.

- Fisher Island

At present, there are currently 97 home listings on Fisher Island, with the highest priced listing pegged at $10,900,000, and the lowest home-price listing set at $449,000. For the moment, pending home sales are 0, while closed sales January stand at 1, with the property priced at $4.7 million, and finally sold at $4 million.

This affluent residential district is seeing a slight increase in inventory, but not a decrease in pricing, although the average price on the market has increased. This community is still considered to have one of the wealthiest zip codes in the US.

At present, many home buyers and housing market analysts are talking about a "down market", however, the truth is that the market today always favors either sellers or buyers, in this case the real estate market favors buyers, which indicates that this is a perfect time to buy homes.

The city of Ocala prides itself with being in the crossroads of Florida. The city is known for its lush rolling green fields, and the large concentration of equine horse arms, which gives it the title of being the "Thoroughbred Capital of The world."

Aside from having a lush green natural setting, the area is also famous for offering residents and newcomers a healthy array of real estate choices to choose from, ranging from affordable bungalows, single-family homes, apartments, town homes, condos and even sprawling estates. The city as well as Marion County also offers residents and visitors many outdoor recreational activities and amenities, with its wide array of parks and recreational facilities.

The County Has A Large Number of Parks And Recreational Centers

Marion County's parks and recreation system has around 45 facilities to offer tourists and outdoor enthusiasts, ranging from boat ramps to softball fields, beaches, nature and conservation areas and even dog parks.

Some of the county's recreational facilities offer free entrance, while some charge a small entrance fee, and many offer annual passes. The Rainbow Springs State Park in Dunnellon has the state's fourth largest spring, and is headwaters are popular destinations for canoing, swimming, snorkeling and kayaking on the Rainbow River.

Is It A Buyer's Market Here Today?

According to real estate industry observers, the median price of homes for the second quarter of 2007 was pegged at $170,900, and this represents a slight increase from the recorded price of $169,500 for the same period last year. The National Association of Realtors also noted a U.S. median home price of $223,800 for the second quarter of 2007, as compared to $227,100 for he same period last year.

For the state of Florida, the median price for the period was $221,200, which was down from $243,300 for the same period last year. According to some local property observers, the area's housing market is still being relatively seen as a buyers market. Sales are off quite a lot when compared to the figures in March 2006, when 614 homes were sold.

There is still a a glut of newly-completed but vacant homes, as these were bought by investors who intended to flip them but have now been caught with houses they can't sell. According to industry watchers there are around 6,869 homes listed on the Ocala Marion County MLS as of the last quarter of 2007. Homes here that are selling, are at present priced and in the mid to lower price range, and well-priced residences are selling close to their asking prices.

So would this be a great time to buy a home here? Some say yes, while some say that it's still too cautious to say yes. It would all depend on you to decide, however be on the lookout for some excellent and wonderful deals out there, since at the moment, interest rates are near historical lows.

Currently, the median price for homes in his city and county are already the 2nd lowest in Florida, therefore there's tremendous potential for home value appreciation over the next several years.