Based on statistics and educated projections, this trend will continue for a while longer, and many wonder if full recovery is possible within the next five to seven years. For those riding it out and fairing over the recession, this is just a matter of patience, endurance, and faith. For those who need to sell because of hardship or transfer under this harsh climate, it is a more urgent and demanding question and concern. As Miami home prices drop, many are opting for the condominium and other popular shared living options available on a more even and prosperous keel.

Most experts agree that the cities being hit hardest with property value decline are those cities where the business commute is longer or less convenient. This means that LA, Washington DC, New York, and Miami home prices drop steadily, while those real properties even farther from the business capitals suffer greater depreciation at a faster rate. This spells trouble for the housing market all over the country, and owners are being encouraged to hold on as long as they can before letting their investments go at fractional prices. As many simply cannot sustain their current mortgages anymore, the buyers market is booming.

This decline does not seem to encompass the condo living demand or pricing factors at all, and in fact, as Miami home prices drop, luxury and standard condominium complex prices soar and climb steadily up the charts. Investing in condo living and rentals is a good step toward both current stability and future equity in the Miami real estate market. As things stand today, those who are selling condos are earning a 10% plus return from five years ago, whereas those selling homes are taking up to a 30% loss in their five year investment.

As Miami home prices drop, the real estate industry is torn between what is best for the seller and what is lucrative for the buyer. Nobody wants to see people loosing money and hard earned dreams, but we all want to see buyers get what they want for bargain prices. Whichever side of the line you are on, remember that the housing market will recover, and if you have ten years to wait it out, you will most likely see a great profit on housing as well as condo and other multi-resident type properties. Hang in there.

Sunny Realty of South Florida features technologically advanced and Internet savvy realtors. They specialize in Sunny Isles real estate, Miami Beach luxury real estate and luxury condominiums. SunnyIslesMiamiRealEstate.com provides instant access to the best in Miami Beach condos.