The Real Deal Miami

Bottom may be near

October 31, 2008 12:13PM

The last vestiges of Miami’s construction boom may vanish with the dismantling of its last large crane, and the region’s landscape may not see a building renaissance for some time. Peter Zalewski, a real estate broker and founder of Condo Vultures, says it could be seven years or more before there’s a regional pickup in construction. But even in Miami, there is evidence that the housing market is lifting its head off the deck, even as foreclosures continue to pile up and prices edge downward. Properties are at least moving again there, many at 30 percent to 40 percent off even from last year’s discounted prices.