Miami Beach still riding (mostly) high amid downturn

The foreclosures and condominium overbuilding that have plagued Miami have not hit Miami Beach or its most fashionable area, South Beach, local brokers say. The inventory is larger, prices have fallen, and deals are happening more slowly, but prices still haven’t hit the low point that many prospective buyers are hoping for — condos in Miami Beach are still on the market from $500,000 to $1 million for lower-end properties and between $1 million and $5 million for higher-end places.