New Condos Finally Filling in Miami
The market unthawed as owners relented and started renting the condos they couldn't turn over and lenders cut prices drastically.
Elaine Walker writes, "For downtown leaders who have been pushing for years to revitalize the area, the condo bust has worked to their advantage.
'In a weird sort of way, it has been good for revitalization,'' said Neisen Kasdin, vice chairman of the Downtown Development Authority. "It accelerated the revitalization of downtown. Without the overbuilding and the great pool of rental units, downtown would not have been populated to the same extent.''"